By Rajeev Yadav
Reforms on GST rationalization, streamlining of KYC norms to expand Financial Inclusion, special sops for agriculture and allied industries, land reforms, micro-housing development, and rural town development will be a welcome move. A push for work-intensive industries such as construction, housing, roads, and irrigation will help trigger the investment-consumption cycle.
Measures towards enhancing rural household income will help in placing money in the hands of the consumer. Expenditure under PM-KISAN and NREGA can help boost rural incomes and consumption.
We expect the budget to provide the eagerly awaited tax relief through changes in personal income tax for middle-income households in order to perk up the consumption.
A push from the Government towards disinvestment will, in a way, help restore confidence in the banking sector.
Initiatives to incentivize and boost digitalization, recognition of e-KYC and e-Signature can go a long way in boosting financial inclusion and enhancing productivity and efficiency. Therefore, a renewed push for digitalization leading to an increase in efficiency and accessibility of services would be aid the cause of the holistic economic development of the nation.
(The writer is MD&CEO, Fincare Small Finance Bank)
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