Delivering a Pro Poor yet Pro Growth Budget as well as improving the ease of doing Business
The Budget for 2014-15 as well as other financial decisions taken by the Government have been very inclusive, progressive while keeping interests of every section in mind.
The Budget stuck a good chord finely balancing priorities for a developing & aspirational society. The Budget has provisions for start-ups, smart cities, bullet trains. It also has various pro business measures which include Govt’s commitment to not use retrospective tax. The Budget also aims at providing housing for the poor. At the same time the Government is committed to keeping the fiscal deficit in check with a cap on wasteful expenditure.
The government has also increased personal income tax exemption limit by Rs. 50,000 i.e. from Rs 2 lakh to Rs. 2.5 lakh in case of individual taxpayers below the age of 60 years; and from Rs 2.5 lakh to Rs 3 lakh in case of senior citizens. The largest increase in the exemption limit since independence i.e. Rs. 50000 at one go, is taken with a view to provide relief to small and marginal taxpayers and senior citizens.
The Government has also taken several steps to improve the ease of doing business in the country. Amongst them, the extension of validity period of Industrial Licenses being extended from the present two years to three years, will provide relief to manufacturing units.