Budget 2015: Scores with GST, disappoints textile industry

The Union Budget for 2015-16 was presented by the finance minister Arun Jaitley on February 28 in Parliament. The Budget is being seen as a major step to boost economy, but critics say it misses out on chalking out the real action plan. While the focus is clearly on motivating the corporate sector which can usher in positivity to the economy, with 30 percent reduction in corporate tax over the next four years. Overall there is nothing to cheer the apparel and textile industry. However, the ecommerce sector that has emerged as a major growth driver is happy with the announcement of a roadmap for speedy implementation of Goods & Services Tax (GST) from April 1, 2016.

“Overall, it is a mixed Budget. Expectations from the government and the FM are sky high. We are hopeful that the government will show fresh thinking, imagination and boldness in delivering policies and programs that gives rocket speed to growth and development to this nation of a billion people," reacted Kishore Biyani, Chairman, Future Group.