Source: The Hindu BusinessLine

Staying true to the objective of inclusive growth, the Minister outlined two sets of nine-pillar frameworks each for growth and for revenue generation.

With initiatives to support growth, carry out reforms and enable ease of doing business, he has done well to commit to a fiscal deficit target of 3.5 per cent of GDP for fiscal year 2016-17, which sets the tone for interest rate reduction.

Impetus to infrastructure sector through promoting affordable housing and revitalising the PPP projects holds the key to de-stress the overstrained sector. Acknowledging the pivotal role that entrepreneurs and their embryonic ideas play in shaping the great Indian dream, the Minister announced tax holidays for startups and a reduction (from 30 to 29 percent) in corporate tax rates for small and medium enterprises. Keeping the focus on tax reforms, there are proposals to widen the tax base through schemes for defaulters and new provisions for dispute resolution.