Nikunj Turakhia, President of Steel Users Federation of India (SUFI)

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Nikunj Turakhia, President of SUFI

The 2018 was Pro-Farmer, Pro-Agriculture, Pro-Poor and Pro-MSME. India being an agricultural based economy, this budget and the measures taken for the agriculture sector will really as confident booster for the farming sector.  On the other populist side, the National Health Protection Scheme is a major step in providing affordable health services for the poor & marginalised section.

The Finance Minister’s promise to address the problems of NPA & stressed accounts in MSME Sector is much appreciated. Moreover, expenditure worth 14.34 lakh cr in rural infrastructure will really boost the confidence in steel sector and kick-start the consumption cycle.  Besides, 25% income tax for companies with a turnover of upto 250cr is a welcome move. The FM has kept the fiscal deficit at 3.3% which is commendable.

However, much more needed to be done in the manufacturing segment which is the largest employment generator. Moreover, corporate income tax should have been looked into as promised in the previous budget. Other than that the expected custom duty on essential raw materials for the steel sector has not come down which is a major set-back for the steel mills.

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