High Hopes From Modi Government's First Budget Thursday

Jaitley recently said the government would not indulge in "mindless populism" and that bold decisions will be taken to revive growth, while following the path of fiscal prudence.

The government is widely expected to enhance the basic exemption limit on personal taxation to 300,000 from the current 200,000 lakh to provide relief to common man, especially the middle class, which has been severely affected by persistent rise in prices. Limit of deductions allowed for some expenditure and investments made in pensions and life insurance is also likely to be increased.

Jaitley is also expected to announce a slew of measures and tax incentives to revive investments and industrial growth. He has already extended by six months the excise duty concessions for automobile and consumer durable sectors.

Chief executive officer and managing director of Max Life Insurance Rajesh Sud said the need was to put an effective growth plan in place that will be able to tackle the burgeoning fiscal deficit, tame inflation, maintain a trade deficit level that can be financed by capital inflows and, most importantly, revive industry’s confidence.
The net message of all the policy decisions has to be a clear. “India is open to business. It subscribes to transparent dealings. It is anti corruption and wants to improve the lives of all its citizens. But it also understands it will require to do different things for different segments and is committed to this happening steadily through a period of time,” Sud told.

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