Geetanjali Minhas | February 1, 2018 | Mumbai
"It is a growth oriented budget. What we are doing now for the agriculture sector should have been done 20-30 years ago otherwise there will be food inflation and food crisis,” says Gaurang Shah, head investment strategist, Geojit Financial Services Limited.
He was, however, disappointed with reintroduction of capital gains tax and was clueless how the government will support MSP. He however adds that despite 10% long term capital gains, people will not sell their shares because they have nowhere to invest. "Investors will come into the equity market because as an asset class it has created long term returns compared to any other asset class. We are virtually only at the initial stages of stupendous growth."
FM’s statement ‘People in Hawai Chappal can now fly in Hawai Jahaj’ will be a reality, he adds.
Pranay Vakil, retired founder chairman, Knight Frank India, says, this was the first budget he remembers where Rs 14.3 lakh crore out of total outlay of Rs 21.57 lakh crore has been assigned to rural areas. "Entire focus of the budget is on generating employment. With this allocation the FM has addressed the problem of migration from villages to cities on a daily basis looking for jobs. With 10 lakh employable people waiting for jobs every month, the FM aims to create jobs in villages so people don’t have to migrate,” he says.
However, Vakil points out that Arun Jaitley made no reference to where how the money for medical claims of 10 crore people will be raised keeping in mind 3.3% fiscal deficit. "This means he is assuming revenue from direct taxes, customs duty, and buoyant GST. Overall it’s a good budget with prospective effect" he says.
Giving his views on the allocations for senior citizens, Vakil said, exemptions on FD interests of up to Rs 80,000 per annum, doubling the investment limit of Rs 7.5 lakh with 8 percent returns to Rs 15 lakhs, and medical insurance deduction for senior citizens of Rs 50,000 are few good steps.
"Senior citizens who survive on Rs 10,000 a month can live with dignity,” he says and gives seven out of 10 marks to the budget.
Real estate builder and developer, Niranjan Hiranadani, too gave thumbs up to the budget.
“Bringing 10 crore people under insurance is a huge thing. eighty percent of the salaried taxpayers will benefit by standard deduction of Rs 40,000,” he says.
Maharashtra has modified guidelines on restrictions imposed to curb the spread of Covid-19, and put out clarifications on do Do’s and Don’ts to be followed under its ‘Break the Chain’ orders. Starting Saturday, Rapid Antigen Tests are allowed for non-vaccinated
Raising concerns about the “leaks” of aspects of an ongoing investigation into incidents leading to political turmoil in Maharashtra, former chief minister and senior Congress leader Prithviraj Chavan has said the NIA is selectively leaking info on the case and it is a serious matter. &n
Maharashtra, suffering from a heavy number of fresh cases every day and complaining of vaccine shortage, has replied to the union health minister criticism and blamed the centre for the situation. “Union Health Minister Shri Harsh Vardhan ji needs to be reminded that Maharashtra tops t
Amid tighter movement restrictions as the city and the state continue to battle a consistently rising trajectory of fresh Covid-19 cases, Mumbai civic authorities on Thursday allowed 24-hour home deliveries of food and essential supplies through online service providers like Zomato and Swiggy on all days o
India recorded a new high of 1,15,736 daily Covid-19 cases with Maharashtra bearing nearly half of the load, as the state and the centre traded charges for the first time since the outbreak. State leaders sought to put part of the blame on the centre while union health minister Dr Harsh Vardhan slammed the
Anil Deshmukh is reportedly considering approaching the supreme court Tuesday to challenge a Bombay high court order that had forced him to quit as home minister of Maharashtra a day earlier. Deshmukh tendered his resignation to governor Bhagat Singh Koshyari, citing moral grounds, after the