This budget will make a substantive difference to macros

Probably, this budget had a lot more for India’s macros than she could have bargained for. Above all, this budget has tried out the fine balancing act of trying to push growth without going too lax on the fiscal deficit… Continue reading

Why the Union Budget is a big boost to Indian equities…

The Union Budget 2017-18 has been a morale booster for Indian equities. While there were some specific benefits for equities and some indirect benefits, the overall theme of growth and spending was the real story as far as equities were concerned… Continue reading

Union Budget 2017-18: Implications for Tax Administration & Public Services

The Union Budget 2017-18 has taken some important steps towards making the process of tax administration simpler, more transparent, progressive and more effective. At the same time, the budget has also made an attempt to make the delivery of public services more effective. Normally, in any budget the big-bang announcements get all the attention but small changes in administration and delivery do not get adequately noticed. It is these minor points that actually make a substantial difference to the final delivery of all budget proposals… Continue reading

Union Budget 2017-18: Implications for Agriculture and Rural India

One of the key constituencies that the Union Budget has aggressively tried to address is the rural population, especially the farmers. In the previous budget, the government had already committed to double farm incomes by 2022. Additionally, the demonetization drive had caused hardship during the Rabi sowing season and that pain too had to be alleviated. But above all, after a fairly long gap, agriculture had shown green-shoots of recovery by growing 300 bps higher at over 4.1%. The time to consolidate and build on these gains was now… Continue reading

Union Budget 2017-18: Implications for Infrastructure

It was always expected that Infrastructure will be the one big push area for the Union Budget. Firstly, there had been lot of progress on railways and roads and it was time for the big push. Secondly, the actual mechanism of implementation had to be tweaked and that had to be addressed in this budget. Thirdly, Indian requires nearly $1 trillion worth of investment into infrastructure over the next five years to bring the levels of infrastructure at par with Asian levels. Fourthly, for the GST to be successful, a very robust transport and connectivity infrastructure was a necessary precondition. It is in this background that this Union Budget was presented… Continue reading

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