A big bang Budget was expected but the Finance Minister chose to present a low-key one that focused on remonetisation.
For individuals, the most positive outcome was the tax rebate of ₹12,500. Booking tickets on IRCTC also got cheaper due to removal of service charge. Although individuals earning between ₹50 lakh and ₹1 crore will have to pay 10 per cent surcharge, it was a necessary step in shifting money from the rich to the poor.
Increased allocation of ₹4,814 crore to Deen Dayal Upadhyaya Gram Jyoti Yojana will help Power Ministry’s goal to achieve 100 per cent rural electrification by 2018. But, on the other hand, rural telecom infra was ignored.
Multiple initiatives have been taken to push India towards a digital economy. The Government proposes to launch schemes to promote the BHIM app and also develop the Internet infrastructure by fast-tracking high-speed broadband connectivity.
Overall, the Budget went in the right direction.
(Harsh is a PGDM (GM) student of XLRI.)