Budget 2015 is an excellent document because it lays down a predictable and business-friendly environment for the rest of the term of this Government.

The GST would be rolled out from April 1, 2016. So we now have a definite date. The fiscal deficit target for this year will be met and the future targets look very reasonable. The building of infrastructure would be facilitated by a more pragmatic PPP model, and a new Dispute Resolution Act for government contracts. Electronic clearances, where required, on a single portal would reduce harassment. The capital markets would be encouraged by the pass-through proposal. Corporate tax rates would be brought down from 30 per cent to 25 per cent from 2016 to 2019, while exemptions would be reduced — something industry has long wanted. GAAR has been shelved till 2017 and, when applied, would be prospective.

Equally commendable is the proposal to monetise gold. And the steps proposed to make this happen.

The steps for control of black money would enable the Government to push forward its promise in this area. Certainly, stashing money abroad would now be very high-risk.

The direct transfer of subsidies would reduce wastage, leakages and outlays, and also bring more people into the active financial system.

The key would be effective and quick implementation at the ground level. The success of the Jan Dhan Yojana shows that it can be done.

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