After Finance Minister Arun Jaitley presented the Union Budget 2018 on Thursday, industry experts joined Republic TV’s Editor-in-Chief Arnab Goswami to discuss the budget.
Joining Arnab Goswami on the panel were Kiran Mazumdar Shaw, Chairperson and Managing Director of Biocon, Suhel Seth, managing partner of consultancy firm Counselage India, Naina Lal Kidwai, former Group General Manager and country head of HSBC India, Shobana Kamineni, President, CII, TV Mohandas Pai, Chairman of Manipal Global Education, Raamdeo Agarwal, Founder of Motilal Oswal Financial Services and other esteemed panellists.
Kiran Mazumdar said, “It is pro-India budget. It is very comprehensive. It has addressed very key areas. For me, the big takeaways were the huge commitment to universal healthcare and focus on science and research.”
Mohandas Pai said, "I think it's a pro-India, pro-Bharat, election-y budget", adding, "Only disappointment is if you want India to have 8% growth you have to have lower corporate taxes as our cost of capital is very high."
Finance Minister Arun Jaitley announced a reduction in corporate tax for companies with turnover up to Rs. 250 crores to 25 percent.
Jaitley also revised the fiscal deficit at 3.5 percent of Gross Domestic Product (GDP) for 2017-18 and projected 2018-19 deficit at 3.3 percent of GDP.
The minister announced the disinvestment target at Rs. 80,000 crore for FY19.