The government has underlined its priorities in the first 50 days of its second term.It has aimed towards making India a $5 trillion economy and hitting the ground running on spurring growth.
The Union Budget has outlined the roadmap for the $5trillion economy and doubling the farmer’s income.
The budget talked of (a)electric vehicles (b)mission of taking electricity and cooking gas to every home (c)end of angel tax and (d)beginning of a faceless,seamless tax assessment interface.
The government has shown zero tolerance towards terrorism with a cleanup of J&K Bank.It has also removal tainted bureaucrats across many departments.
Government has also announced the labour reforms that will benefit 49 crore workers.It will make business smoother and less encumbered with red tape.The registration process for businesses has been considerably simplified.
Further,Unregulated financial schemes have also been banned to protect honest people with the poor often falling victim to such frauds.The government has offered more incentives for the middle class on affordable housing by way of tax breaks.
The budget has also proposed the corporate tax slab at 25% for companies with turnover of less than Rs 400 crore.An amount of Rs 350 crore has been marked for GST subvention for MSMEs.
Government has also taken up water conservation with the creation of the Jal Shakti ministry.The department will urgently frame policy for improving water security and considering measures to mitigate climate change.
There were several initiatives for farmers with hiked MSP for Kharif crops and the proposed implementation of PM Kisan to all farmers. The government will also spend over Rs 10,000 crore over three years on social security cover for farmers.