The interim union budget 2019 enlightens the ray of hope for continued strong economic growth, positive business & policy environment and political stability. The budget looks balanced; progressive, far sighted and has a long term vision for building the new India. The Finance Minister has struck right balance between fiscal prudence, growth and socio-economic justice by focusing and provisioning adequately to effectively handle farm distress for the deprived and most disadvantaged, provide way for millions in India to take pride in their knowledge and seek livelihoods with their skills and potential, insure strong budget for defense, secure and provide for healthcare, education, basic income frame work, housing and infrastructure developments for under privileged in all sectors including agriculture, industry and services . The Modi government has tried to bring long lasting smile to every citizen and desired respite to the burgeoning middle class, the agro rural denizens, women and senior citizens in the budget proposals. The budget seeks to provide largest producing investment and consumption boast through the allocation of Rs 75000 cr towards direct transfer for the 12 cr poor farmers and Rs 5 lakh rebate to 60% of the middle class population which is about 70 crore plus Indians, is a commendable step towards socio-economic equality and justice.
In a nutshell, measures like farm package, tax relief and BPL pension will boost consumption demand and apart from increasing employment & job opportunities will encourage more and bigger domestic investments, specially by large Corporates, SMEs & startups and also attract foreign direct investments that lays path for 8% plus GDP growth in medium term.
India’s Enhanced Economic prosperity will also propel better growth opportunities in our Media and Communication sector through enhanced economic activities and boost in over all consumption. This will immensely benefit all our stakeholders like PR and IR Consultancies, Advertising Agencies, Digital, Online and Social marketing professionals among others.
However, huge challenges remain. The growing uncertainty and tensions in the global economy will require India to lift its game even higher in the next five years. Effective and timely implementation will be the key to help India remain the fastest growing economy in the world.