BudgetSpeak #6: Kartik Sharma: Budget of Hope

30 Jun,2014

By Kartik Sharma

 

I expect the first Budget from the new government to have significant policy changes for both the short- and long-term.  While the list of expectations is large I expect improvements in five areas from this Budget in the short-term.

 

 

They are :

 

>> Boosting exports: I expect policy changes to help boost exports for India. The restoration of tax incentives for promoting exports is long overdue and will be welcomed by all.

 

>> Curbing food inflation: Any and all measures to curb food inflation is much needed. While the government has recently taken some measures in this direction more reforms are expected

 

>> Infrastructure: I expect government to speed up infrastructural growth for India as a whole with clear timelines. There should be severe penalty on missing deadlines and a transparent way of sharing progress with people.

 

>> Literacy drive: One of the biggest problems for India is the alarming nature of illiteracy even after so many years of independence. I expect concrete measures from government to accelerate literacy. This one initiative itself will awaken all the citizens of India and lead to great economic prosperity and weed out several social issues.

 

>> Individual taxation: Last but not the least, I expect increase in limits for deduction for individuals which will encourage savings for the growth of the economy. I expect the present limit of deduction under 80C of Rs 100,000 in respect of investments such as ELSS, life insurance premium, housing loan repayment etc to be increased to Rs 200,000.

 

This Budget will be one of the most anticipated events in the history of India. This Budget is a Budget of hope. Hope for a better India, hope for removing corruption, hope for equality, hope to live a decent life and every citizen feeling proud to be an Indian.

 

Kartik Sharma is Managing Director of Maxus, South Asia

 

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