Polymer Industry to Advantage from Strategic Crude Oil Reserves: Ajay Durrani
Mumbai, India: The Union budget is a composed budget focusing on providing a stimulus to the economy and offers promising measures for the tax payers. As expected GST, demonetisation has shepherded in tectonic changes for economy and the same was visible in the budget.

There are several takeaways from the budget that is directed at enhancing consumption, skill development and highlights intensive efforts in the direction of creating enhanced living standards in the country.

The reduction in the tax rate in the income tax slab of 2.5 lakh to 5 lakh to 5 per cent from 10 per cent will give rise to disposable income of individuals and boost consumption. Likewise, the subsidies offered for the MSME sector in the form of tax rebate, reduction in income tax for SMEs with annual turnover up to Rs 50 crore, as well as, the extension of the profit linked deduction period available to the start-ups to three years out of seven years will provide a stimulus to employment generation.

The polymer industry will receive a boost from the proposed additional strategic crude oil reserves. Similarly, the proposed reduction in the basic customs duty on LNG from 5 percent to 2.5 per cent will provide a respite to the petrochemicals sector.

The thrust on the ‘Housing for All scheme continues with the budget. The decision to give it an infrastructure status as well as interest subvention for housing loans and reduced lending rates by banks post-demonetisation is a welcome move.

The target of providing 1 crore houses for the houseless with a budget of 27,000 crore, spells good news for the sector. However, if the FM would have linked its affordable housing scheme with the agenda of making India an energy efficient nation, it would have served the greater good of scripting a brighter, better future of the nation.