New Delhi:
Finance Minister Arun Jaitley is set to present NDA government's first full-year budget on February 28 and I am 100% sure that it will turn out to be a landmark budget. Why? But, of course because it is different from UPA's unfocussed budget, it will have a thrust of economical reforms, it will be pro-people and will taret all sections for upliftment. Also the government is trying to maintain a balanced framework between agriculture and industrial sector which can really boost the economy of the country.
I am sure that Modi government's budget 2015-16 will turn out to be a trend setter especially with the flagship concept of 'Make in India' campaign.
However, for this the PM has to ensure that world's largest democracy becomes an efficient platform for foreign investors to do business.
If worked on this issue, India will be able to gain an edge over US investors and will woo them to retain their interest and business in India.
Then in terms of fiscal consolidation Jaitley is expected to stick to the norms unveiled by UPA government.
The budget is also expected to streamline Modi's flagship schemes like Jan Dhan Yojna and National Rural Employment Guarantee Act (NREGA). With this scheme they are expected to provide jobs for 50 million households.
The ministry is also expected to give relief to the service class with tax breaks and incentives for service sector.
Jaitley has also promised to implement a nationwide Goods and Services Tax from April 1, 2016.
As far as I see, the retail sector will get major boost in the budget while more FDI nd FII will also uplift the economy.
I also expect that the Finance Minister maintaining his last year's promise of a sustained growth of 7-8% will keep Modi's obsession with populist measures and development agenda hand in hand in his this year's budget.
He will try to match the popular slogan of Modi's 'Sabka Saath, Sabka Vikas'.
(Dr Suvrokamal Dutta is a renowned Economist and Political analysist)
