India Budget 2018
The Union Budget 2018-19 was announced amidst improving global economic environment and a mixed domestic macro-economic paradigm. Maintaining the fiscal deficit of 3.5% for FY2018 and projecting a fiscal deficit of 3.3% for FY2019, the government has maintained the glide path of fiscal prudence.
The MSP of 1.5 times will go a long way in improving rural wages, thus providing a significant boost to the rural economy. Launching the National Health Protection Scheme, providing a cover of upto Rs.5 lakh per family per year to over 10 crore families is definitely a step in the right direction.
It is commendable that the government brought in Long Term Capital Gains Tax without any disruptions in the market, through an innovative scheme of grandfathering. We believe that GDP growth will get bolstered by the government’s emphasis on the rural economy and infrastructure.
Manish Kumar is the Chief Investment Officer of ICICI Prudential Life Insurance Company Limited