Arun Jaitley, the Central Finance Minister today (1st February 2018) unveiled the Budget for the financial year 2018 – 2019. This budget is seen as a “Big Leap” towards accomplishing – “Ease of Business and Ease of Living.” The nitty-gritty of the Budget 2018 was Farmer-centric, rural-centric and health care for the betterment of India. Arun Jaitley who divulged the budget focus on above-said areas with a hub in limited areas. The budget experts expressed their outlook per se` the effects of the proposed budget of “Modi Sarkar” as to how it is going to be shown in other areas.
1): Apple and Samsung are going to be hard-hit with this budget.
Arun Jaitley’s budget is believed to be providing a bolster to the indigenous manufacturing industry and hit hard on tech giants such as Apple and Samsung. The customs duty on any electronic gadgets will be levied to the tune of 15% to 20%. India being the second populous country, the mobile phone market will keep getting bigger and the finance ministry put its foot down and made it a point to say, “In order to get profits here in India, the manufacturing units must be moved to India.”
2) Finance Sector:
The decision was taken by the finance ministry to impose the tax on the profits made in “Equity Investments, Long-term Investments,” shocked financial service companies, Life Insurance Companies and Mutual Fund companies. Reliance Capital Aditya Birla Capital Ltd., ICICI Prudential Life Insurance, HDFC Standard Life, General Insurance Corporation, IDFC Ltd., for all these companies this budget has brought bad news.
3): The Defense Sector:
Against his earlier announced ‘Industry -Friendly’ policy, Arun Jaitley has not mentioned anything in this budget. It disappointed the defense sector when Modi Sarkar has not made any announcement – the huge budget as was expected by the experts in the defense sector. The prominent companies in defense, to name the top company ‘Bharat Forge’ have not received any buffer from the central government.
4) Consumer Market:
The Modi Government for Consumer Market has given many showers of gifts. The “Innovative Health Care” plan that was being declared brought cheers to many millions of underprivileged people in India. But it is noteworthy to read the script between thin lines for the burden will be born to meet the expenses of healthcare by the cess to be levied on health and education sectors from 3% to 4% thus leading to a minute hike in the corresponding subsidiary goods and services. Finally, as per the opinion of financial experts, it will be a burden to customers in the long-run.
People and various state governments are expecting to make their voice heard in the Parliament in next few days to come.
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