The Government of India has unveiled the budget that aimed to boost the farm growth and the development of rural economy. Finance Minister Arun Jaitley said the government is planning to double the income of struggling farmers in the next five years. India has overtaken China as the world’s fastest growing economy, India is seen as a bright spot in the global economy.

“We are grateful to our farmers for being the backbone of the country’s food security’s. We need to give back to our farmers a sense of income security. Thus, the government has allocated $12.7bn for “rural development as a whole,” said Finance Minister. “The process of reforms and improving the ease of doing business have been carried forward but not much had been addressed on the taxation front,” said CII Southern Region vice-chairman Ramesh Datla.

Finance Minister Arun Jaitley has focused on improving a lot of farmers and rural economy while expressing confidence that this approach would help spur consumption. Welcoming the health care proposals, including the proposed National Dialysis Services Program and to open more Jan Aushadhi Yojana stores, Dr. Reddy’s Laboratories Head-Global R&D V.V. Parsuram hailed the decision to tax the royalty received in respect of a patent developed and registered in India at 10 per cent.

While L&T Metro Rail Hyderabad’s Head (Corporate Communication and Advertisement) Sanjay Kapoor highlighted the focus on infrastructure development in the budget, Tecumseh Products managing director N. Narasimhan pointed to the emphasis on enhancing the ease of doing business.

FICCI chairperson Sangita Reddy & Co-Chairman of FICCI Telangana and AP State Council Devendra Surana, in a statement, said it’s a well-structured budget focusing on improving rural economy. Ms. Sangita Reddy described the Budget as “fresh and representative with a lot of refinement in the tax regime.” Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry president Anil Reddy Vennam said the Budget may be devoid of major sops for the industry but the taxes have also not been increased.