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

Feb 01, 2018, 00:20
Union Budget 2018 : Common Man's Wishlist for Union Budget 2018

Finance Minister Arun Jaitley is all set to present the Union Budget & Railway budget on Thursday.

With this budget, Jaitley has to fulfill some of the promises the government had made. The government has faced criticism from various quarters for failing to create adequate number of jobs.

Ahead of the budget, the Finance Minister and other top officials take part in the halwa ceremony. This sector accounts for 40% of India's workforce and contributes 45% to India's manufacturing GDP. It is being led by the Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, Government of India.

Even though independent India's biggest tax reform of GST was implemented from July 1, the Budget for 2017-18 (April- March), had followed the practice of tax revenue projections under the heads of customs duty, central excise and service tax alongside direct tax numbers.

However, manufacturing sector has long way to go before it can achieve the desired milestone.

Till 2016, the budget was presented on the last working day of February by the Finance Minister. The first finance minister of independent India, R.K. Shanmukham Chetty, presented the country's first budget on November 26, 1947. The government has urged the citizens to adopt more paperless methods to connect with it and receive benefits without any intermediaries.

Union Minister for Finance Arun Jaitley at the halwa ceremony to mark the commencement of budget printing process for Union Budget 2018. The Budget presentation will commence at 11 am.

In his second stint as finance minister in the Indira Gandhi government, Morarji Desai presented four Budgets, including one interim Budget.

Moreover, the only thing good about the NDA government in the realm of economy is the ongoing bull run in the stock markets. The market rally further will depend on how Jaitley pleases the Street with sops.

REVIVING BANKING SECTOR: Banks struggling with the financial crisis and NPAs have great expectations from the budget. Jaitley describe it as legacy issue.

"The government will take care so that the budget is neither inflationary nor fiscally less prudent". "The housing finance companies like us have a key role to play in boosting the government's efforts towards affordable and low-priced housing in metros as well as in tier-II and III cities", said Monu Ratra, ED and CEO, India Infoline Housing Finance Limited.

There have been mixed signals on deficit target, with Chief Economic Adviser Arvind Subramanian earlier this week stating that a pause in the fiscal consolidation plan can't be ruled out while Niti Aayog vice chairman Rajiv Kumar saying the government is likely to stick to the target. PM Modi's flagship scheme "Housing for All" may be extended more funds. Now, one of the reasons - and while there are many, this appears to be a key one - of tax evasion is the amount of paperwork. Since then, barring some limited measures, the overall rate structure remains unchanged.

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