Budget 2015-16: Impact on Several Aspects- 2

Budget 2015-16: Impact on Several Aspects- 2

Finance Minister Arun Jaitley is going to announce his first full year budget on 28 Feb, seeking to put Asia’s third largest economy on a path of 7-8 percent growth over the next two years. However, everyone believes that 2014 is the year of shaping expectations and 2015 is the year of implementation, education sector this time around can expect a lot in the coming Union Budget 2015-16. Although, Government can introduce different education policies such as “Padhe Bharat Badhe Bharat”, Campus Connect, Know You College, “Unnat Bharat Abhiyan”, “Beti Bachao Beti Padhao Abhiyan”, etc.

It is also expected that coming Budget will attempt to rectify inverted duty structure for certain imported items and reduce MAT (Minimum alternate Tax) to encourage domestic manufacturing.

Finance Minister is expected to stick to the fiscal condition path unveiled by the last government in 2012, with the deficit target for 2015-16 and 2016-17 at 3.6% and 3% of gross domestic product, respectively. The budget is expected to streamline flagship welfare schemes like the National Rural Employment Guarantee Act (NREGA), the largest public work program in the world. This scheme offers jobs for 50 million households and is credited for considerably reducing distress sales of land in years of drought but it is also a heavy burden on taxpayers and riddled with corruption.

Finance Minister is expected to create fiscal space to spend as much as $50 billion in the year to March 2016 on new records, rail lines, ports, and irrigation facilities.

However, the budget 2015-16 is expected to give profit to Modi’s Make-in-India plan with tax breaks and other incentives for numerous sectors.