This is a very comprehensive budget as it seeks to find a fine balance between inclusiveness and sustainable growth. It emphasizes on the bottom of the pyramid and increasing focus on savings in middle class. A pragmatic approach has been used which will steady our economy and keep inflation under check. While there is emphasis on Make in India, the measures for improving the skilled workforce in India like the setting up of a National Skills Mission for skill development and entrepreneurship at a cost of Rs. 1,500 crore and setting up of new Institutes will truly enable us to be skill-ready to become a global manufacturing hub.
On the agriculture front, the increased NABARD funding will fuel more rural growth and create more job creation in rural . Micro irrigation and “ more crop per drop of water “ including organic farming can fuel more investments. This creates foundation for setting up of more producer company (small farmers aggregation), eliminate middle men and build a full supply chain to deliver directly to end customer. The proposal to set up a National unified market for farm produce will encourage better farm to fork movement and fast track growth of the agricultural sector. Tax exemption for transportation of food grains and for certain pre-cold storage services will encourage more movement and value addition in the farm to fork sector. The renewed PPP Model where the Government will absorb majority risk will encourage private investors in the cold chain sector.
With regard to GST reforms which is touted to be in place by April 2016, it will provide a major boost for the economy. The additional push of Rs. 70,000 crore towards infrastructure will be instrumental in matching our global ambitions.