Roadmap to Recovery: The 7 Areas Where Nirmala Sitharaman's Maiden Budget Can Make a Difference
News 18The NDA government’s first full-fledged Union Budget in its second term comes at a crucial juncture. The government must look to rationalise the tax burden by subsuming stamp duty under GST, restoring input tax credit and relaxing Minimum Alternative Tax, besides implementing a single window clearance for developers. There should also be a clear action plan to fast-track usage of eco-friendly electric vehicles including enhanced access to funds, tax credits and duty exemptions for manufacturers, subsidies for buyers and adequate charging infrastructure. Job creation: To create more jobs, the government must design a programme where it identifies, invests in and incentivises sectors with maximum employment potential like food processing, textiles, construction, manufacturing, tourism and retail – forming SEZs with subsidized land, tax holidays and import duty exemptions can be a preferred route. Bank recapitalisation: The Budget must also set aside funds for recapitalisation of banks as a healthy banking system alone can meet the demand for credit and keep the wheels of economy in motion.