Budget 2019 Impact: Several announcements by Finance Minister Nirmala Sitharaman in Budget 2019 speech are set to reduce tax compliance burden on the common man. SBI chairman Rajnish Kumar said, “Measures aimed at simplification of processes like interchangeability between AADHAR and PAN, pre-filled income tax returns, faceless assessment will reduce the burden of tax compliance on an ordinary citizen.”
Kumar welcomes the budget. He said that the announcements will play a “critical” role in making India a $5 trillion economy. “Enhanced investment in infrastructure, affordable housing, augmenting lending capacity of Public Sector Banks and NBFCs are major initiatives unveiled in the Budget. Measures to boost flow of foreign capital and deepening of corporate bond market, as well as formation of an expert committee to look into the long term financing for infrastructure, are all aimed at boosting the investment in infrastructure which is expected to play a critical role in becoming a $ 5 trillion economy in the next 5 years,” said Kumar.
He further said that the simplification of labour codes is another major announcement. “On the whole, the Budget will boost demand with many enablers for augmenting the flow of domestic and foreign capital,” Kumar concluded.
Bandhan Bank MD and CEO Chandra Shekhar Ghosh said, “The Finance Minister’s maiden Union Budget is growth focussed and builds on the foundation that the government created in the last term. The sops announced in the affordable housing segment is a welcome move not just for home seekers but also for builders, banks and HFCs.”
“The focus on infrastructure, entrepreneurs, small businessmen and medium-sized companies through the various announcements is positive news for the economy. The Finance Ministry’s move to discourage cash payments will help expand the digital payment ecosystem bringing in more consumer convenience and accountability,” he added.