The structural changes introduced by the government last year augur well for the Indian economy in the long term. The introduction of the Goods and Services Tax (GST) will have a positive effect on the overall health of Indian economy, especially when accompanied by further reforms. Focused reforms on doing business have helped India move up the rankings on ‘Ease of Doing Business’ by 30 places to 100th position. The expectations from the Union budget 2018-19 are:
These measures will enable Nation’s energy security, job-creation and facilitate a low carbon economy by providing sustainable and affordable energy for all. In conclusion, it is recommended that the Union Budget 2018-19 continues to focus on boosting consumption and prioritize investments, specifically in manufacturing and construction.
Earlier this year, the International Monetary Fund (IMF) in its annual economic report predicted India’s GDP growth at 7.4% and China’s at 6.8% in FY 2019.
The scaling up of Renewable energy is imperative to the success and growth of the ‘Make in India’ initiative. With government’s thrust, the country is experiencing positive winds of change in the Energy sector particularly in Renewables.
The budget is clearly focused on reinventing a New India, with specific measures announced for strengthening the rural and agricultural economy in addition to infrastructure development.