The Union Budget 2015 will be announced on 28 February by the Finance Minister Mr. Arun Jaitley. People are expecting some great things out of this upcoming budget. The last few months of Modi government have created great expectations among the common people. Each and every sector of the economy is expecting favorable changes in the government policies and initiatives.
The ‘Make in India’ initiative by PM Narendra Modi will influence the Union Budget to a great extent. One can expect more FDI, reduction in export duties, increase in domestic production, leading to reduction in import, etc. Under this initiative, the government is planning to provide a tax holiday to the local manufacturers engaged in producing defense and aerospace products.
MSMEs, count for about 8 per cent of India’s GDP and play a crucial role in the country’s economical and commercial growth, are also expecting many things out of this budget. There are more than 30 million MSMEs in India which provide employment to more than 60 million people in the country. The sector also contributes for around 40 per cent of the country’s total export. MSMEs are successfully producing over 8000 quality products for both local and International markets. These small enterprises are expecting encouragement from the government in all the possible manners like availability of cheaper credit, use of technology, direct tax exemptions during the first 3 years of operation and a stringent policy framework, etc.
The Finance Minister, will be taking every single factor into account for making the best possible budget decisions. Let’s hope that the upcoming Union Budget will fulfill the maximum expectations of the general public as well as of the SMEs and other sectors.
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