By SUBHRAKANT PANDA
Vice President, FICCI & Managing Director, IMFA*
The budget is very comprehensive and proposals are well thought through which will provides fiscal support for investment & consumption while also providing a 5-year roadmap to come back to prudent norms.
Higher outlays for various sectors augur well, as does the fact that the quality of expenditure is improving with more thrust on capital expenditure. Setting up of a DFI to fund long gestation projects, and an asset reconstruction cum asset management company to deal with stressed assets are welcome steps.
Limiting reopening of assessments and providing for a faceless ITAT will encourage the honest taxpayer. Similarly, several regulations and laws subsiding into a single securities code is a very positive step.
Finally, no major changes in the tax structure is a major commitment to provide stability.
(*Odisha-based Indian Metals & Ferro Alloys Ltd (IMFA) is India’s leading fully integrated producer of value added ferro chrome with capacity of 284,000 tonnes per annum.)