Budget has recognized nine pillars to transform India - Daniel Chopra
MUMBAI : Mr. Daniel Chopra, Chairman and Managing Director, Elektrans Group reacted to the Union Budget. The Union Budget 2016- 2017 has been revolutionary in multiple facets of implementing the propositions of the Government. The common man was encouraged to voice his expectations from the Budget on popular social media platforms via posts and engagement in a series of polls to gauge public priorities and hopes.
The Budget has recognized nine pillars to transform India and provide the necessary impetus to reach global economic excellence. The nine areas of agriculture, rural welfare, social sector, employment and education, infrastructure, financial sector, governance reforms, Government finances and tax reforms have been recognized as the game changers of the Indian economy. In view of the ‘Make in India’ project, the Government is considering to incentivize gas production from deep-water, ultra deep-water and high pressure-high temperature areas. This will largely upsurge the exports of India, thus swelling the country’s GDP.
With a total outlay for infrastructure development at Rs 2.21 lakh crore in FY17, the Government is keen to advance the smooth accessibility and contributions of this sector. The plan to develop new greenfield ports in the eastern and western coasts of the Country will provide the necessary thrust to enhance the quality of life and attract global players. We are hopeful that this will provide us an edge over the international ports and in turn accredit our Country as a globally preferred port hub. Indian ports handled the highest amount of cargo and the highest ever capacity in Major Ports in the year 2014-2015.
The initiatives of the Government to modernize the ports and escalate their efficiency are expected to repute the Indian ports as fully equipped havens for global entities. The formulation of The Sagarmala Project and work on the National Waterways will have a positive impact on the sentiments of the marine and shipping industries. Further, the proposal to amend the Customs Act to provide for deferred payment of customs duties for importers and exporters with proven track record is expected to boost the imports and exports of our nation.