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The Finance Minister has set a positive tone for growth, balanced with support for the key sectors of agriculture, infrastructure and financial services. The intent to reduce fiscal deficit to 3 per cent in 2017-18 from the current 3.9 per cent is a move in the right direction. Focusing on agriculture, the Budget lists a number of schemes that would boost the rural economy, including the provision of ₹5,300 crore towards micro-irrigation, the Rural Infrastructure Development Fund (RIDF) under Nabard, Long Term Rural Credit Fund, Short Term Co-operative Rural Credit Refinance Fund and Short Term RRB Refinance Fund. We also look forward to the farmers being empowered with the target of ₹8.50 lakh crore agricultural credit during the year.
Measures like integrating FMC with SEBI and making SARFAESI applicable to NBFCs will strengthen the financial services sector.
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