Picture Credits: India Today
Amidst a multitude of expectations, finance minister Arun Jaitley presented the Union Budget 2017-18 in Parliament, one which was low on fireworks but high on pragmatic and incremental changes. Expansion of the tax base by reducing tax rate in the Rs 2.5-5 lakh income bracket, special focus on agriculture and rural sector, push towards a digital economy, beginning the process of cleaning up political funding and increased infrastructure expenditure are among the key highlights of the Budget. That the government did not deviate from the path of fiscal consolidation, despite the various pressures, is particularly noteworthy. In the domain of the financial sector, there was one major announcement made, the decision to abolish the Foreign Investment Promotion Board (FIPB).
Kamal Madishetty, VIF Research Associate, shares his thoughts on the larger strategy of the government to boost FDI inflows.
Read the complete article published at DailyO.