“The Union Budget 2019-20, presented by Finance Minister Nirmala Sitaraman on July 5th is a progressive budget, which will bolster the growth of the Indian economy.
In this budget, the Government has given a lot of thrust on the development of infrastructure and agriculture sectors. The Government has also prioritized the allocation of a large amount of funds for the betterment of marginalized section of the society.
The current account deficit has been contended to have minimal effect on inflation. As far as the technology hardware industry is concerned, the Government has increased the import duty on networking products. We feel that the move will encourage local manufacturing and ultimately aid the Make in India initiative.
While several provisions in the budget are pro-poor and pro-economic development, it is a bit hard hitting for the rich and super-rich category. The increase in the Income tax rates for individuals and HUF from 35+ per cent to 42+ per cent will discourage Indians from better tax compliance. These new tax rates are very high as compared to any other countries in Asia.
Overall the budget is inclusive and very good for economic growth.”
– Mr. Suresh Pansari, Co-founder and Director of RP tech India