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The Union Budget has laid the roadmap for a strong economy despite the gloomy global economic scenario, Homi P Ranina, a Mumbai-based lawyer and tax consultant has said.
The success of the new government will be tested by the outcomes rather than the outlays proposed in this year’s budget. The government should ensure to deliver on its promises especially the investments proposed for infrastructure projects, Ranina said.
He was speaking at the post-budget analysis organised by the Cochin Chamber of Commerce and Industry in association with the Indian Chamber of Commerce & Industry and the Kochi chapters of the Institute of Cost Accountants of India and the Institute of Company Secretaries of India.
He also expressed the hope that the Finance Minister, in all probability, will roll back the proposal to tax the EPF withdrawals in the coming days. If rural demand picks up as a result of additional expenditure and a favourable monsoon will put India on the growth path and an 8 per cent increase in GDP is inevitable.
The only glaring deficiency in this year’s budget is the inability of the government to announce a roadmap for the implementation of GST, he added.
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