Indian economy has won global attention as one of the fast-growing economies. The last twenty five years has been a very exciting phase for our nation’s economy. From making the most out of liberalisation, privatisation, globalisation (LPG) to maintaining a stable financial status during the global meltdown to demonetisation and the recent overtaking of the economy of Great Britain (for the first time over a period of 150 years) there is wide-ranging encomium and criticism on some occasions. Budgets are the lifeblood of any economy and can make or break a nation’s fortune in the subsequent financial year.
As India progresses steadfastly among other emerging economies by not resting only on past laurels, the country’s budget announcements are watched keenly by almost every senior leader in the corporate sector. Corporate leaders watch out for sector-specific subsidies, levy’s and surcharges imposed on the transactions of their sector and fiscal incentives that can propel production or export in their industries.
The nation is riding high on the growth wave much to the envy of arch-rivals and even some developed countries. With the growing dependence of export and import and the vast amount of economic transactions with other countries, presence of multi-national corporations in the country and Indian companies expanding their presence in other countries the corporate sector and even their foreign counterparts look forward to the yearly budgets announced by the Government of India.
Implementation of GST, subsidies to the bleeding real estate sector due to demonetisation are some real-time expectations from Budget, 2017. Besides, sectors like power, infrastructure, manufacturing, e-commerce and BFSI are pinning their hopes on business-friendly measures. The banking sector is keeping fingers crossed on government moves that can ease their pressures in handling demonetisation, whereas the multinational e-commerce companies could be a bit apprehensive about increasing the scope of ‘equalisation levy,’ if imposed in the budget. Start-ups in different sectors will look forward to additional tax holidays and concessions from the government.