Indian economy
Finance Minister Nirmala Sitharaman on Saturday announced a tax exemption on annual income of Rs 12 lakh by giving great relief to the middle class, while on the other hand, while increasing the FDI limit in the insurance sector It has been proposed to intensify the reforms of the next generation. Four engines agriculture, MSME, investment and exports have been identified for the target of India developed in the budget. Economists and industry experts say that this move of the government will now speed up the pace of Indian economy. Actually, the budget will increase demand which will work to speed up the speed of GDP. Due to the money coming in the hands of the common man, the demand in the market will increase, which will work to speed up the speed of GDP.
Massive relief was provided to middle class
Vedanta Limited Chairman Anil Aggarwal said that the budget has taken a step in the right direction, in which the income of up to Rs 12 lakh per year has been completely taxed by providing great relief to the middle class. JSW Group Chairman and Managing Director (CMD) Sajjan Jindal said that this budget will provide more money in the hands of the middle class, which will promote consumption. Aparna Iyer, Chief Finance Officer (CFO) of Wipro Limited, said that the budget has given priority to economic progress by emphasizing tax reforms, promotion of innovation and skill development without ignoring the fiscal deficit target.
Budget business makes easy
The Indian Surprise Accountant Institute (ICAI) said that the budget focuses on making business easier, promoting domestic manufacturing and establishing India as a more competitive player in global trade. Television manufacturers said that the government’s proposal to double the customs duty on touchscreen display TV and reduce the fee on raw materials for the manufacture of open cells would promote local manufacturing in the region. He also said that the middle class will spend more in this area than income tax exemption.
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