- Gandhinagar: Chief Minister of Gujarat Mr. Vijay Rupani hailed the budget presented by the Union Finance Minister Mr. Arun Jaitley under leadership of Prime Minister Mr. Narendra Modi. He considered the budget as pro-people which gives momentum to agriculture and rural development, to increase employment opportunities for the youth and to open new horizons for the common people of the nation.
- This is the pro-people budget which fulfills the mantra ‘Sauno Saath Sauno Vikaas’ and made for each aspects of society such as rural poor people, farmers, deprived, exploited and backward classes as well. This budget will create new employment opportunities for the youth through its allocated huge funds in development of infrastructural facilities. It will also provide skill development and job creation for youth as like demographic dividend, he added.
- He expressed confidence that rural economy will get new momentum due to setting the target to double the income of farmers by year 2022. He welcomed and thanked Mr. Modi and Union Government for announcement to allocate All India Institute of Medical Science – AIIMS to Gujarat and for central assistance to celebrate century of Sabarmati Ashram. He praised the solid steps taken for welfare of women and children, scheduled castes and tribes and for alleviating poverty etc. in the budget.
This is a very welcome development that will go a long way in enhancing the depth and width of commodities markets. It will ensure that the farmers, producers and MSMEs get integrated with and reap the benefit of participating in the derivatives markets. In the long run this will enable India to be a price setter in commodities where we are a dominant consumer or producer.
- - Mr. Mrugank Paranjape, Managing Director,
- Multi Commodity Exchange of India (MCX)
We rate the budget as ‘No Bad news is good news’. Modi government budget focus remained more on the growth of rural India keeping the fiscal consolidation in place and much needed boost to the stalled economic activities post demonetization. Mr Finance minister budget was filled with rural sops to heal wound arises amid demonetization. Moreover, cut in tax rate for SMEs will not only boost the sector but also it will reduce the ongoing stress on the banking system. Importantly, middle class population being the largest driver of consumption story, also got benefitted by the reduction in tax from earlier 10% to 5%. Demonetization pain for the housing sector can be relieved as several measure are proposed like reducing the holding tenure for long term capital gain making hosing sector as a infra sector and greater emphasis for affordable housing. Overall, it was much needed budget required for the market. Going ahead, we believe the stock market is likely to cheer Modi Budget from here on. Hence, we expect the companies having more focus on rural India to remain the radar like M&M finance, Coromandal International, Hero Moto etc.
- - Mr. Abnish Kumar Sudhanshu, Director & Research Head,
- Amrapali Aadya Trading & Investments Pvt. Ltd.
This is a very good growth oriented budget meant to benefit rural and urban population alike. IPO for public sector undertakings like IRCTC, IRFC and IRCON is a pleasant surprise and would ensure more retail participation. It is an extremely smart move for divestment. Reduction of corporate tax would benefit 96% of the Indian corporate having turnover less than 50 corers. We can see SMEs getting a positive boost from this move. Long term capital gain tax on equity markets remained unchanged which will further boost investor participation. Service Tax and STT also remained unchanged. Some reports suggested that both could go up. It gives a positive kick right after the budget. However lowering of STT would have benefited the financial markets. More Government spending on infrastructure like highways, railways, coastal roads, affordable housing will pump in liquidity in the market which was required post demonitisation. Infrastructure status given to affordable housing segment will lower the borrowing costs for housing loan. This is in line with the vision to create 1 crore houses by 2019. This should give a boost to reality and ancillary industries like cement, iron ore, metal, paints etc. Focus on digitalization and incentives on online payments would increase digital payments and will benefit online trading. Abolishment of FIPB and automation would ease out the process for Foreign Portfolio Investments. We can expect more foreign investments. There are a lot of benefits for farmers aimed to double their income in 5 years. Irrigation based stock will get a boost out of this.
-Mr.Parth Nyati, COO, TradingBells
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