He rates the budget an 8/10. The budget presented by the Finance Minister today was overall in the right direction. I think the GDP growth rate in the next fiscal year will be on the higher side of the range at 8.5%. The high investment into infrastructure, a clear date for implementation of the GST, strong encouragement to agriculture and the social infrastructure sector will be very favourable for GDP growth in the future.
Several of the issues faced by the foreign investors, FII and FDI have been tackled well and will lead to greater foreign investments. The announcement to reduce the corporate tax over the next four years to 25% is a very welcome one. However as a result there has been no incentives for manufacturing in this budget. Infact because of surcharge, taxes on the manufacturing sector have increased.
I do hope the Finance Minister reduces this surcharge on the manufacturing sector and takes some corrective steps before the budget is passed.