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Finance Minister Arun Jaitley left industrialists, economists and commentators on a high note as they cheered the Budget 2016-17. 
 
They lauded the finance minister for a pro-farmer budget, also leaving a multiplier effect on the economy. Many experts said the budget was in line to what they expected and importance to fiscal discipline was also welcomed. 
 
Even the startup founders were excited about no tax for first three years. 
 
Here’s what the experts have to say: 
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Prompt words for businessmen to use today for <a href="https://twitter.com/hashtag/Budget2016?src=hash">#</a><a href="https://twitter.com/hashtag/Budget2016?src=hash">Budget2016</a>-great, fantastic, all-round impetus, path-breaking, boosting economy, balanced, 👏.
	— Harsh Goenka (@hvgoenka) <a href="https://twitter.com/hvgoenka/status/704220915349848064">February 29, 2016</a></blockquote>
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		All major CII recommendations have been covered in <a href="https://twitter.com/hashtag/Budget2016?src=hash">#Budget2016</a>.~Sunil Munjal, Chair, Hero Corporate Service Limited <a href="https://t.co/dRnKw5QXaR">pic.twitter.com/dRnKw5QXaR</a>
	— CII (@FollowCII) <a href="https://twitter.com/FollowCII/status/704208144566595584">February 29, 2016</a></blockquote>
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		In summary, despite our disappointment on the tax on cars, I see no reason for the mayhem in the market.
	— anand mahindra (@anandmahindra) <a href="https://twitter.com/anandmahindra/status/704206242928074752">February 29, 2016</a></blockquote>
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		The need of the hour, both to revive consumption &amp; to preserve the social fabric of the country, was to focus on the farm ecosystem
	— anand mahindra (@anandmahindra) <a href="https://twitter.com/anandmahindra/status/704206350121897984">February 29, 2016</a></blockquote>
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Big effort to one time clean up past tax issues and one time amnesty <a href="https://twitter.com/hashtag/Budget2016?src=hash">#Budget2016</a> <a href="https://twitter.com/hashtag/UnionBudget2016?src=hash">#UnionBudget2016</a>
	— Sumant Sinha (@sumant_sinha) <a href="https://twitter.com/sumant_sinha/status/704201417804742656">February 29, 2016</a></blockquote>
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		FM sticks to fiscal deficit target of 3.5%! Exactly my views and glad to see the fiscal prudence <a href="https://twitter.com/hashtag/Budget2016?src=hash">#Budget2016</a>
	— Sumant Sinha (@sumant_sinha) <a href="https://twitter.com/sumant_sinha/status/704193439592640512">February 29, 2016</a></blockquote>
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Incredible and necessary win for Aadhar in today's budget ! Cheers &amp; Kudos to <a href="https://twitter.com/India_Stack">@India_Stack</a> and <a href="https://twitter.com/NandanNilekani">@NandanNilekani</a>
	— Vijay Shekhar (@vijayshekhar) <a href="https://twitter.com/vijayshekhar/status/704235493169299456">February 29, 2016</a></blockquote>
(Image: Indiatimes)

Industrialists, economists laud FM, positive that India will take a leap forward

There were expectations galore- on the tax front, on the financial front, on the manufacturing front and the social front. 
 
<a href="http://www.businessinsider.in/FM-Jaitley-outlines-9-pillars-to-transform-India/articleshow/51187791.cms">Budget 2016</a> overall was a good budget barring a few flip-flops. <a href="http://www.businessinsider.in/Heres-Jaitleys-plan-for-a-vibrant-financial-sector/articleshow/51188868.cms">Finance Minister Arun </a><a href="http://www.businessinsider.in/Heres-Jaitleys-plan-for-a-vibrant-financial-sector/articleshow/51188868.cms">Jaitley</a>’s core thrust was on the social sector to ensure that there was more money in the hands of the farmers to ensure an uptake in rural demand. 
 
A reason why we saw him announce a slew of measures to make it more attractive, to be a farmer in India. 
 
There was one more important thing that he managed to do here-bring more people under the tax net. While he judiciously chose to stick to the fiscal deficit target of 3.5% for 2016-17, one way he ensured this was definitely happening was by ensuring new people entered the tax net. 
 
From announcing measures for cheap credit availability to farmers to allowing <a href="http://www.businessinsider.in/Budget-2016-No-home-or-HRA-Its-time-to-take-some-tax-relief-on-rent/articleshow/51190326.cms">tax relief for people staying on rent</a> to giving first time home buyers the much needed relief to buy their dream house, he also doubled investment in <a href="http://www.businessinsider.in/Infrastructure-sector-full-of-challenges-though-85-stalled-projects-put-on-track-Arun-Jaitley/articleshow/51188587.cms">infrastructure</a> with a special focus on creating the much needed roads-10, 000 kms of National Highways in 2016-17. 
 
This budget has all the makings of a good blockbuster with thrust in all the right places to ensure that the government’s GDP target of 7-7.5% remains a reality. 
 
While there were a few raised eyebrows in the form of increased taxes for certain luxury goods, including high end cars, one would argue that these are products that do not cater to the larger segment of the society and therefore of lesser relevance. 
 
Fiscal prudence and consolidation remained the two keywords for Jaitley’s budget for 2016, a move that has now been widely acclaimed by not only industrialists but even the economists and the market. 
 
The other important factor in this budget was his focus on how the government will now have a say on the country’s <a href="http://www.businessinsider.in/Heres-Jaitleys-plan-for-a-vibrant-financial-sector/articleshow/51188868.cms">monetary policy</a> that so far was the RBI’s domain. 
 
With an expectation of a normal monsoon this year, including the increased focus on increasing farm output as well as the government’s continued commitment towards sticking to the fiscal targets, there could soon be a situation for the central bank to cut rates. This in-turn could be a huge fillip for the banks to cut their commercial borrowing rates and make it far more attractive for corporate houses to really open their purse strings wider. 
 
However, what one really needs to be cautious about right now is the global economic situation<a href="http://www.businessinsider.in/Budget-2016-FM-Arun-Jaitley-outlines-priorities-says-India-stood-ground-amid-weak-global-environment/articleshow/51187415.cms">. Global markets</a>, including the big developed ones are visibly slowing down with some even slipping into recession. 
 
How a turn of these events would impact several factors, including our exports, thereby the current account deficit in-turn the fiscal deficit is something that all the government’s top economists and bureaucrats will be keenly watching out. In fact, one should not be surprised if there is a mid-term revision of these fiscal targets given the global economic situation. 
 
(Image: Indiatimes)

It’s a good budget but what about the global economic downturn!

Even as the massive fire that broke out is what people are remembering the ongoing high profile ‘Make in India’ week for, a lot of conversations have ensued between global industrial groups, influential industrialists, politicians, companies and the government which will pave the way for realizing the ‘Make In India’ in the future.
 

	Some of the key developments that have taken place at this event are:
 

	National capital goods policy to be launched
 The national capital goods policy will soon be launched at the Make in India week. The policy will give a big boost to the <keyword id="6395867" type="UNKNOWN" weightage="20" keywordseo="manufacturing-sector">manufacturing sector</keyword> of India. 

	The policy proposes to integrate major capital goods sub-sectors such as textile, earth moving and plastic machinery among others as priority sectors under Make in India initiative. 
 

	To boost exports govt has also proposed to set up Heavy Industry Export and Market Development Assistance Scheme along with the creation of a technology development fund. The start ups would also get enhanced resources under this policy for capital goods sector. 
 
 

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	Telecom Ministry seeks 10-year tax holiday for Make in India drive
 The telecom ministry has proposed a 10-year tax holiday for mega projects in the sector as part of its recommendations for the upcoming <keyword id="6360189" type="COMPANY" weightage="20" keywordseo="Union-Budget">Union Budget</keyword> that are aimed at attracting fresh investments for the Make in India programme. The ministry also suggested <keyword id="6356916" type="UNKNOWN" weightage="20" keywordseo="excise-duty">excise duty</keyword> exemption for a range of electronic equipment, which would help lead to the creation of a much-needed manufacturing ecosystem in the country. 

	Make in India: Birla, Mahindra want new technology to revolutionize Indian manufacturing
 Indian industry captains Kumar Mangalam Birla and <keyword id="46425" type="PERSON" weightage="20" keywordseo="Anand-Mahindra">Anand Mahindra</keyword> spoke about the need to bring in new technology and digitization to the manufacturing sector rather than depend solely on cheap labour to make Prime Minister Narendra Modi's 'Make in India' initiative successful. Birla said that to assume India is not innovative enough is wrong but added that India is highly dependent on western companies for fundamental research, something that needs to change. 
	 
	(Image credits: BCCL)

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Industrialists, economists laud FM, positive that India will take a leap forward

Akanksha Jain

It’s a good budget but what about the global economic downturn!

Debdatta Das

Make In India: All that's happened at the Mumbai event so far

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