Arun Jaitley’s Budget 2017 Pregnant With Uncertainties
India’s Budget 2017 is scheduled to be placed on February 1, Wednesday, amid uncertainty whether it is in terms of economic environment or advancement of date of presentation by Finance Minister Arun Jaitley, which is his second Union Budget and widely eyed by International Monetary Fund (IMF), World Bank and other ratings agencies who are considering the Indian market as a bright spot.
While presenting the 2016-17 budget last year Jaitley started his speech saying he is presenting the Budget amid global economy being in the phase of serious crisis, financial markets have been battered and global trade has contracted.
According to Economic Survey, the growth of India may slow down to 6.5 percent in FY17 compared to previous fiscal year when it was 7.6 percent.
Experts believe demonetization has played an important role in slowing down of growth as people were left without money and consumption was down during the period between November and December. About 86 percent currency was removed from the system in one fell sweep that led to further downgrading private sector investment.
This year the 92-year-old practice of presenting union and rail budget separately on the last working day of February has been deviated. The Jaitley’s style has merged both the budgets and is scheduled to be held on the first working day of the same month.