With just two weeks left for the Union Budget, Firstpost spoke to Soumya Kanti Ghosh, Group Chief Economic Advisor, State Bank of India. He said the budget will be a perfect opportunity for the government to take the reforms to next step after the demonetisation exercise. More so, since the government has completed two and a half years in the office, the next two and a half years will be very crucial in the run-up to 2019 elections, and hence this particular Union budget is very important, says Ghosh.
It will help us to understand what’s in the government’s mind in terms of revenue mobilisation that will help take India to the next level, he said.
His expectation from the budget is that the government shouldn't be overly focused fiscal consolidation road map. The second thing he is looking forward to is how the government is going to prioritise revenue mobilisation and expenditure curtailment.
He said there could be sops in the form tax incentives for individuals like the scope of Section 80 C being enhanced. Besides this, some incentives for digital payments, tweaking of tax structure, and some extra tax benefits for senior citizens could be on the cards. Even sector-specific incentives for agriculture , housing, banking and infrastructure could be considered in this budget.
(Watch the whole interview in the above video).
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Published Date: Jan 19, 2017 18:40 PM | Updated Date: Jan 25, 2017 17:50 PM