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  • Union Budget Is A Blueprint For US$ 5 Trillion Economy

    Ashishkumar Chauhan, MD & CEO, BSE Ltd

    The Hon’ble finance minister in her budget speech has delivered a growth oriented and job-oriented blueprint for the economy to promote overall growth and consistent job creation. The Union Budget, the first by the Government in its second term, has outlined several new reform initiatives like big privatization push, relaxation of norms for foreign portfolio investors, further liberalization of foreign direct investment (FDI) policy, a new policy on rental housing and most importantly incentives for faster adoption of next generation technologies such as electric vehicles. It is investment that drives demand, creates capacity, increases labor productivity, increases new technology, and generates jobs. The Budget advocates policies via four pillars of thrust, that can push the Indian economy to a level of US$ 5 trillion - in sync with Prime Minister Modi’s vision.

    The first continues to focus on increasing investment led by government spending. There is a big push for infrastructure spending, promotion of rental housing, simplify archaic rental laws, significant role for private players in railways, introduction of "One Nation One Grid" for affordable power, proposal to have gas and water grids and infrastructure spending to the tune of 50 trillion between 2018 and 2030 for railways. The budget proposes further opening of FDI in aviation sector, media, animation AVGC and insurance sectors in consultation with all stakeholders. 100 per cent FDI will be permitted for insurance intermediaries.

    The Budget emphasizes on removing critical bottlenecks that hinder the growth of the economy in the second pillar of growth. For ease of access to credit for MSMEs, Government has introduced providing of loans upto Rs. 1 crore for MSMEs within 59 minutes through a dedicated online portal. Creation of a payment platform for MSMEs to enable filing of bills and payment thereof on the platform itself, will play a vital role to eliminate delays in payment.

    This Budget reinforces the important role that NBFC and HFCs play in credit delivery. Steps are also introduced to allow all NBFCs to directly participate on the TReDS platform. Number of measures are also announced to enhance liquidity access for NBFCs’ by permitting investments made by foreign investors and continue getting funding from banks and mutual funds.

    The primary challenge facing the government is jobs, and the third pillar focuses on jobs creation and type of jobs for the future. This issue is addressed with focus to increase new-age skills like Artificial Intelligence (AI), Internet of Things, Big Data, 3D Printing, Virtual Reality and Robotics, which are the future. 80 Livelihood business incubators and 20 technology business incubators to develop 75,000 skilled entrepreneurs in agro-rural industries will help in alleviating concerns in agriculture and rural economy. The Budget also envisions the Government's efforts to make India as a global hub of manufacturing of Electric Vehicles, Solar storage batteries and charging infrastructure. Efforts to simplify compliance and taxation for Start-ups are also addressed. There are also several measures to promote digital payments further.

    In the fourth pillar, the Finance Minister rolled out number of steps to boost core areas such as agriculture, healthcare, education, social welfare and rural development. The budget proposes a novel “social stock exchange” for social enterprises and voluntary organizations working for social welfare so that they can raise capital through debt, equity or mutual funds. The Government will extend pension benefits to 3 crore retail traders and shopkeepers who have a revenue of less than ₹1.5 crore. Number of measures for capital markets and IFSC, in consultations with regulators are also proposed. Interoperability of RBI depositories and SEBI depositories for seamless transfer of treasury bills, investor-friendly norms, measure to deepen the corporate bond market and corporate tri-party repo market, disinvestment and several tax benefits for IFSC.

    With FY2020 fiscal deficit target cut to 3.3 percent from 3.4 percent, the Finance Minister kept the government’s fiscal consolidation track record intact and used a variety of measures to bolster the government’s revenue efforts. Overall, this is a positive budget, with continued focus on fiscal prudence, boosting infrastructure, augmenting MSME's and NBFC’s, improving skill development and focus on next-gen technologies.

    The Government in its earlier term was largely focused on repairing the stressed banking system and undertaking structural economic resets. Despite this, not only have the economy has registered high growth rates but also ensured low inflation and adherence to fiscal prudence. India has been bright spot in global economy, growing faster than all major economies in the last few years. In this term, the expectation from the Government was that to propel the economy and breaking away from the barriers holding it back. In this regard, the finance minister, in her maiden speech, has delivered a bold budget. The Budget is growth oriented, spurs private investment, keeps government’s fiscal consolidation track record intact and uses a variety of methods to bolster the investment cycle led by government spending.

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Flash News 24-Nov-2020
  •  ( 11:56) Arbitration Tribunal asks GMR Infra. arm, GKEL, to pay Rs 1,092 cr to SEPCO  
  •  ( 11:36) Garware Technical Fibres to consider buyback of shares on Nov. 27  
  •  ( 10:05) AU Small Finance Bank sells 4.46% stake held in Aavas Financiers  
  •  ( 09:29) Exide Inds. increases its stake in subsidiary to 80.15% for Rs 33.17 cr  
  •  ( 09:29) Strong market breadth  
  •  ( 09:25) Sensex, Nifty strike record high  
  •  ( 09:23) Nifty hits 13,000 mark  
  •  ( 09:18) Market opens on firm note  
  •  ( 08:26) Asia-Pacific stocks trading higher amid vaccine hopes  
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24 November 2020 12:12
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