Abu Dhabi, 01 February 2017: Dr. B. R. Shetty, Chairman, said the digital economy aims to bring transparency while Y. Sudhir Kumar Shetty, President, spoke on how digital focus adds impetus to financial inclusion drive. Promoth Manghat, CEO, opined that the budget focuses on progressing towards its digital vision and build TechIndia.

“Macro-economically a good budget, wherein the fiscal prudence continues. There are certain trendsetting initiatives this time like the consolidation of Union and Railway budgets, bringing railways into the centrestage. Common man to get great relief with the reduction of tax to 5% for income between INR 2.5 lakhs and 5 lakhs. Healthcare gets an impetus with establishment of two more AIIMS, which means affordable quality care to more people. Rural development gets into focus with infrastructure and cleanliness taking the lead. Farmers to get double the income in 5 years, intensifying focus on agriculture, the spine of the economy. National agricultural market on digital space will get the best price for the farmers. The homeless to get houses by 2022 is a great move. Life and skill development for youth, women, children and minorities are defined well. Digital economy aims to bring transparency in political funding, income structures and financial inclusion, enhancing the lifestyle of the poor. It does sound progressive in approach, just that the aspect of corporate tax could have been a bit bolder. But the intention of the government is clear and positive, which is good for the economy as a whole,” said Dr. B. R. Shetty, Chairman of UAE Exchange and Executive Vice Chairman & CEO of NMC.

Added Y. Sudhir Kumar Shetty, President, UAE Exchange, “It can be termed as change-making budget. It combined Union and Railway Budget which set a trend and reflected government’s intention to streamline the budget. Its vision is to Transform, Energise and Clean India, shaping a digital economy and building TechIndia. Agriculture, infrastructure, youth, education, women, children, minorities, digital etc., have been covered well in the proposal. The digital focus increases transparency in terms of income or political funding, strengthens the financial system, generates more revenue and adds impetus to financial inclusion drive, helping the poor. Common man’s tax woes seem to have found a breather in this proposal with a tax cut to 5% for an income ranging between INR 2.5 lakhs and INR 5 lakhs. That means more money in the hands of the salaried. Meanwhile GST means revenue to go up further due to indirect tax. The reduction in the tax is a good idea. With the positive and progressive approach, more tax concessions can be expected in the future. Overall it’s a sound proposal with a very positive intention of the government to take a strong step towards balance and improving lifestyle.”

“A trendsetting budget, that aims to transform, energise and shape a digital economy and build TechIndia. It focuses on progressing towards its digital vision. For instance, cash transactions are limited to INR 3 lakhs. This kind of digital focus increases transparency in terms of income reporting, strengthens the financial system, generates more revenue and adds impetus to financial inclusion drive, helping the poor. Regular citizens’ tax concerns have found a breather with a tax cut to 5% for income ranging between INR 2.5 lakhs and INR 5 lakhs, which means more money in the hands of the salaried. Meanwhile GST to push revenue up further due to indirect tax. With the positive and progressive approach, more tax concessions can be expected ahead. The sectors of agriculture, infrastructure, youth, education, women, children, minorities, digital etc., have all been covered well in the proposal balancing the populist measures which does seem to have a positive intent,” said Promoth Manghat, CEO, UAE Exchange Group.