Budget 2017:Globally India now ranks 6th in manufacturing says FM

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  • By Taxmann
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  • Last Updated on 23 October, 2020

After a lot of confusion, the Union Budget 2017 is finally under its way and talking in Parliament Finance Minister Arun Jaitley said that India has moved to 6th position worldwide when it comes to manufacturing from 9th position held last year.

Vimal Sumbly, Head of Triumph Motorcycles in India commented “Great to hear India ranking number 6 in the world as against 9th place last year.

Finance minister also said the demonetisation was a bold move by the govt and will help in creating more GDP which will be clean and corrupt free. Govt’s focus will continue on reducing inflation and remove corruption.

Farmers income will be doubled going forwards and the govt claims over 50,000 gram panchayats will be poverty free by next year.

“1 crore household and 50k panchayat out of poverty line. Great effort toward improving bottom of economic pyramid. Good direction towards improving rural economy” added Vimal Sumbly

Subrata Ray from ICRA in a message to ETAuto said: “Sizeable increase in rural support positive for tractors, motorcycles and FMCG”

Under mMNREGA Arun Jaitley said there will be over 10 lakh farm ponds ready by March 2017 and next 10 lakh ponds project will be taken from the next financial year.

Overall there have been over 24% jump in rural allocation which will be a strong push for rural economy.

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