The trade and business circles are hoping that Budget for the year 2006-2007 will be different, with the year already looking vibrant because of very good monsoons and good crops. India is on a growth path and a most-preferred destination from the investment point of view. The government’s continued thrust on reforms and privatisation are opening up opportunities of growth. India can achieve 10-12 per cent a year growth in GDP over the next ten years. In this backdrop, the essence of my expectations for the Budget are mainly based around the following recommendations:
The greater challenge of building infrastructure to meet global standards
Creating adequate employment opportunities
Challenge of continuously enhancing the competitiveness of Indian companies
Challenge of empowering the youth which form almost 50 per cent of our total population
Lowering of import duty on raw materials on paints (finished products) and raw materials. Paint should not be considered as a luxury item as it’s meant for protection as well. Therefore, it should attract lower duty.
All of this can be achieved by construction of new expressways on key routes. Concreting of highways and village roads should be a major priority, for 2006-07, by setting clear targets and financing plans. Rural Housing needs to be given a boost.
Rural housing loans of banks as well as housing finance companies should be counted as a part of the priority sector loans and advances. The current income-tax benefits on housing should continue.
This will give the required boost to the housing sector and in return will benefit various industries linked to construction. Inflation needs to be kept under check. Exports should be encouraged further so as to make India as a preferred outsourcing destination.
New mega-cities concept should be promoted so as to meet the growing need of housing. The Budget needs to be focused and growth-oriented and continue the government’s commitment to encourage IT education at the school and college level.
This will go a long way in meeting the huge requirement for knowledge workers for the new economy. India is on the right path of growth what it needs is focused direction, which will give dramatic results and make it the world’s leading economy.
The greater challenge of building infrastructure to meet global standards
Creating adequate employment opportunities
Challenge of continuously enhancing the competitiveness of Indian companies
Challenge of empowering the youth which form almost 50 per cent of our total population
Lowering of import duty on raw materials on paints (finished products) and raw materials. Paint should not be considered as a luxury item as it’s meant for protection as well. Therefore, it should attract lower duty.
All of this can be achieved by construction of new expressways on key routes. Concreting of highways and village roads should be a major priority, for 2006-07, by setting clear targets and financing plans. Rural Housing needs to be given a boost.
Rural housing loans of banks as well as housing finance companies should be counted as a part of the priority sector loans and advances. The current income-tax benefits on housing should continue.
This will give the required boost to the housing sector and in return will benefit various industries linked to construction. Inflation needs to be kept under check. Exports should be encouraged further so as to make India as a preferred outsourcing destination.
New mega-cities concept should be promoted so as to meet the growing need of housing. The Budget needs to be focused and growth-oriented and continue the government’s commitment to encourage IT education at the school and college level.
This will go a long way in meeting the huge requirement for knowledge workers for the new economy. India is on the right path of growth what it needs is focused direction, which will give dramatic results and make it the world’s leading economy.