By Sanjay Tolia,
The Finance Minister today followed an expansionary strategy while presenting the Union Budget.
The government’s objective of reviving the economy and building a strong foundation through infrastructure spending, investment in sectors in distress, especially MSMEs, and focusing on a growth formula built around jobs through education, upskilling and innovation clearly indicated a holistic approach to address the gaps in the economy.
Strengthening the financial sector to build an ecosystem by boosting manufacturing through institutionalisation of debt financing, increasing FDI in insurance to encourage more foreign institutional investors, monetising assets through divestments and focusing on accelerating foreign investments are commendable measures.
Creation of a Board for Advance Rulings and a Dispute Resolution committee for small taxpayers will pave the way for further tax certainty.
All these announcements will eventually help in achieving India’s vision of becoming a $5 trillion economy.
(The author is Tax Leader at PwC India)
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