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India’s move to digital, not mere lip service
Bold and concrete Budget. The government opted for fiscal prudence with lot of focus on farming sector. The focus on housing is understood with the FM giving infrastructure industry status to affordable home segment.
Funding opportunities for builders has been made accessible in a direct way. The 1 crore houses by 2019 may be ambitious but is clearly a bold decision. The FIPB abolition gives a positive message and the FM has extensively dealt with Railways efficiency by spelling out various measures in detail. That the Railways is central to the economy was also emphasised by him during his speech.
The government is not a believer in lip service which is reflected in the thrust given to digital payments. Such a move has expanded the scope of Aadhaar cards. The steps taken in the context of political funding is revolutionary.
Also, the confiscation of assets for defaulters is a major step as far as the banking community is concerned. Educational bodies too have been dealt with in a positive way with project Swayam another major step to bring the focus to content than anything else.
The government will have to do tight-rope walking but the optimism expressed on the GST front as it is emphatic about its implementation in the July-Sep period. It has therefore not tinkered with service tax.
The Budget announcement indicates that the government has not shied away from taking tough steps and it is not afraid of mentioning demonetisation as it is backed by its conviction in such matters.
The writer is the Managing Director of Sundaram BNP Paribas Home Finance