Budget expectations: Last-minute hopes of businesses from Nirmala Sitharaman
Budget 2019 expectations: All eyes are now on Finance Minister Nirmala Sitharaman as only a few hours are left for her maiden budget presentation.
Budget 2019 expectations: All eyes are now on Finance Minister Nirmala Sitharaman as only a few hours are left for her maiden budget presentation. All sectors of the economy have huge expectations from the first budget of the second term of PM Narendra Modi-led Union Government. Sharing expectations of the infra sector, Amir Husain, President- Sales and Marketing, Orris Infrastructure Pvt. Ltd, told Zee Business Online, “We expect the government to abolish the stamp duty in the upcoming budget. The stamp duty and registration charges continue to remain a burden for the buyers. These charges are acting as a deterrent for many buyers and keeping them away from the market. This, in turn, impacts the sector's growth. Bringing the stamp duty under the purview of GST will not only enhance the condition of the real estate sector but will also boost buyers' confidence."
Jugal Kataria, Chief Financial Officer, Satin Creditcare Network Ltd, said Indian economy has been in need of major reforms from many years now. "In the 2019-2020 budget, we expect that the government may announce major financial sector reforms which shall drive momentum to India’s bigger goal of becoming the USD 5 trillion mark."
Parag Kulkarni, Managing Director, A. O. Smith India, said, "Growth is an area, which we are sure is top on this government's priority and this budget should address that. One key sector which we believe needs addressal is the residential real estate sector and the expectation is that this budget would provide a much-needed fillip to the sector. It generates large scale employment as well as helps multiple industries , who are invested in India."
Anil Yendluri, CEO of Krishnapatnam Port said, “Reducing international transhipment and making direct calls to Indian ports is imperative in encouraging domestic growth in the shipping sector. Ports, unlike other industries, is not a standalone industry and is an ecosystem where a lot of entities converge and work together and grow. The government should therefore also consider incentives to boost Indian shipping companies such as a reduction in tax to set up freight stations, while also helping players scale up road and rail infrastructure to accelerate evacuation and thereby reducing congestion and enhancing efficiency."
According to Yendluri, Krishnapatnam Port has the highest amount of transhipment on the east coast, and it aims to become the new emerging mainland transhipment hub for India on the lines of Colombo and Singapore if the agenda of the ease of doing business is pushed by the government.
Pranay Goyal, Managing Director, Wedevelopment, said, "The housing sector is one of the largest contributors to the nation’s GDP. The government has taken several measures to address the housing needs of millions by focusing on the ‘Housing for All by 2022’ mission, through movements like RERA, cut in GST, etc. In the upcoming budget, we hope the government takes more development-friendly initiatives for the betterment of the market sentiment. Along with the input tax credit, lucrative tax incentives should be passed on towards the development side, which will bring relief across the spectrum of the development cycle and not just sales. This will ultimately impact the very concept of affordable housing."
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