THOUGHTFUL, is one word which can be used to describe budget 2017. Aftermath of demonetization and subsequent cash crunch in the system lead to slow down in the economy, manufacturing sector also slowed down, quarterly result of companies were affected (with few exceptions). Finance Minister has tried to curb demonetization effect in this budget.
Government has been supporting manufacturing sector via various schemes and tax concessions, Budgets allocated by finance minister to PKVY, Skill India, Apprentice program and other various schemes testify importance of manufacturing sector. Another major decision which common man cheered about was zero income tax for income up-to Rs 3 lac and tax rate for lowest income slab reduced to 5%, a prudent move. This move will increase disposable income, which will lead to growth.
India’s manufacturing sector is stagnant in comparison to its flourishing services sector. Make in India aims to boost investment and industrial production to increase the GDP share of manufacturing from the current 16 percent to 25 percent. After the launch of Make in India, September 2014, over 250 investment proposals for electronics manufacturing have been received, totaling an investment of Rs1.26 lac crore.
Government’s Initiatives
This story is from the February 2017 edition of industrial business MART.
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This story is from the February 2017 edition of industrial business MART.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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