Budget 2016: Rocky road ahead for the auto sector

Feb 29, 2016, 19:53
Budget 2016: Rocky road ahead for the auto sector

The one that Finance Minister Arun Jaitley presented in Parliament today is certainly one of the best so far, for which I heartily commend him.

The prime minister also emphasised on alloting cooking gas connections to over five crore poor people across the country, as the women who cook on traditional "chullahs" end up inhaling a lot of smoke which is a health hazard. The Finance Minister said as high as 85 per cent of "the 70 stuck road projects have been put back on track".

The minister said a dedicated long-term irrigation fund will be created in National Bank for Agriculture and Rural Development with an initial corpus of about Rs.20,000 crore, while a major programme for sustainable management of groundwater resources has been prepared with an estimated cost of Rs.6,000 crore and proposed for multilateral funding.

Jaitley also announced that "abolition of permit law will be our medium-term goal in public transport".

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"What we've heard is largely in line with the current rating and the current outlook", said Atsi Sheth, Associate Managing Director, Sovereign Risk Group, Moody's Investors Service, which rates India at "Baa3", its lowest investment grade rating.

"This is a totally unreformed sector which suffers from several impediments".

Jaitley announced a capital injection of just $3.6 billion into public sector banks in the coming fiscal year - a fraction of total needs that his economic adviser, Arvind Subramanian, estimated at $26 billion in his pre-budget report.

"An enabling ecosystem will be provided for the states, which will have the choice of adopting the new legal framework".

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"The secretaries panel will decide the final burden on the government, a significant part of liabilities arising out of 7thCPC have already been factored in the Budget", said Jaitley, while replying to a question in his post -Budget interaction with media on Monday.

"We have also added the highest ever capacity in major ports".

"First time in the history of India for the road project which includes "Rashtriya Mahamarg" and The Pradhan Mantri Gram Sadak Yojana (PMGSY) around Rs. 1 lakh crore provision has been given and this is a historic decision for the infrastructure of the country", said Gadkari. "We will ensure that 23 of these projects are completed before March 31, 2017", he said.

"The work on the National Waterways is also being expedited".

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With rival Bernie Sanders trailing in delegates, Clinton is beginning to focus more attention on her potential GOP challengers. Still, he did invest heavily in SC , with 200 paid staff on the ground and an aggressive television advertising campaign.

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