Union Budget 2018 : Common Man's Wishlist for Union Budget 2018

Javier Howell
February 1, 2018

The target Jaitley had previously set out was to lower the fiscal deficit to 3.2 per cent of the GDP in the current fiscal and to 3 per cent in 2018-19, the Budget for which he would present in the Lok Sabha tomorrow.

Taking note of the upcoming general elections in 2019, it said, "Setting overly ambitious targets for consolidation, especially in a pre-election year, based on optimistic forecasts that carry a high risk of not being realised will not garner credibility either".

Till 2016, the budget was presented on the last working day of February by the Finance Minister.

As you might have heard from your grandparents who stop us and ensure to eat something sweet before exiting claiming that it brings fortune to us. Economic growth in the fiscal year ending March 31, 2018, may slow to 6.75 per cent and then may rebound to between 7 per cent and 7.5 per cent in the next fiscal, according to Economic Survey 2017-18. There is heightened expectation that he may announce a new framework suggesting a fiscal deficit range from 2018-19 setting the stage for replacing the Fiscal Responsibility and Budget Management (FRBM) Act with a new law, giving the government more flexibility on borrowing and spending. "In a nutshell, we are looking forward to an industry-friendly budget with designated funds allocated to accentuate the growth of the industry over the coming years", said Nitin Aggarwal, CEO, Prayag India.

NRIs also expect legal reforms to enable them to invest in agricultural properties and look for the removal of dividend distribution tax as it discourages companies from paying dividends, which dampens investor confidence.

The government is expected to increase import duty on certain items related to power, capital goods and chemicals sectors to give a boost to domestic manufacturing and its "Make In India" programme.

For the real estate sector, long pending demand of its recognition as industry, increase in tax rebate limit and single window clearance are among key expectations of the leaders.Getamber Anand, Chairman, CREDAI and CMD, ATS Infrastructure Ltd said, "The real estate opportunity to boost GDP mustn't be missed by the Finance Ministry in this budget".

It is also expected that the goverment may announce big schemes to generate employment sector.

This, however, will not change anything for finance minister Arun Jaitley.

The corporate world expects reduction in tax rates.

The printing of the Budget documents starts roughly a week before the date of the Budget presentation.

While income tax benefits can be provided to buyers through this Budget, the GST Council nod would be required for lowering the GST rate. Choosing this turnover, in the absence of any such evidence, shows the apathetic nature of the Government towards small businesses.

Other reports by Insurance News

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