Focus on rural economy in Budget highly appreciated: BSE Chairman

ANI | Updated: Feb 01, 2018 17:22 IST

New Delhi [India], Feb 1 (ANI): Bombay Stock Exchange (BSE) Chairman S. Ravi on Thursday hailed the Union Budget 2018-19 for its focus on rural economy and rural infra development.

"'Budget 2018 has emphasized the need for structural reforms with outlays focusing on rural economy and rural infra development at Rs.14.34 lakh crores, benefits to farmers by proposing to fix Minimum Support Price (MSP) at 1.5 times the market price, Rs.1 lakh crores outlay to be spent on revitalization of Education infrastructure and world's largest healthcare programme covering 10 crore poor and vulnerable families," said Ravi.

He added that recognizing the contribution of SME, the budget announcement of taxing companies with turnover of up to Rs 250 crore at 25 percent is a welcoming news.

"The proposal of a unified regulator for the International Financial Services Centre (IFSC) at GIFT City in Gujarat is a positive step towards efficient and effective regulation and supervision of the financial entities," he added.

Adding to this he said that the announcement of long term capital gains tax at 10 percent on equity gains of over Rs.1 lakh is something that came unexpected for the markets.

However, if the economic fundamental is strong and the returns are great, it should not hurt the investment sentiments. (ANI)