Maharashtra Economic Development Council महाराष्ट्र आर्थिक विकास मंडळ

Fiscal policy for economic growth

22 JUL,2019 | MEDC

The budget proposals will promote both Make in India and the rise of digital payments in the country. Affordable housing has been given a boost with an additional deduction of up to Rs. 1.5 lakh for interest paid on loans for the purchase of such houses. Senior citizens have been accommodated with a proposal to exempt entire lump sum withdrawal of the National Pension Scheme (NPS) intended to enable pensioners to have more disposable funds to meet their immediate requirements after retirement. A comprehensible proposal is in place to promote electric vehicles in the country. The government has moved the GST Council to lower the GST rate on electric vehicles from 12% to 5%. Thus, the budget has attempted to effectively use fiscal policy to enhance modernization of the economy and lay down a roadmap of achieving a $ 5 trillion economy over the next five years.

*Photo Credit: Google

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