2016 was a historic year for India which proved to be a mixed bag for the economy with its own share of highs and lows. From introducing new policies to taking big risky steps, India did not leave any stone unturned to reform its socio economic environment. With some shadow of 2016 looming over it, let’s see what 2019 could have in store for us and the nation at large.
1.The Aftermath of Demonetization: Whether demonetization will be a victory or a fiasco still remains a big question for the entire nation, but its repercussions will certainly shape the economic and political climate for a long time to come. With its speculated detrimental effect on GDP in this fiscal year to the positive higher tax compliance which will ultimately widen the tax base of the country, this move against corruption has become an oxymoron with bringing along quite opposite consequences of both good and bad in the year 2017.
2. The Unique Union Budget 2017: The Union Budget 2017 has all the nation’s attention for being unique this season. First, being presented on February 1st as opposed to March 1st every year and secondly because of the railway budget being a part of it, first time ever in the history of India. With a lot of mysterious hopes on what the budget has to offer to the country, here are a few speculations centering around introducing a number of new policies in the realm of revamped structure of Income Tax where media sources are predicting that the government is going to revise the minimum taxabale income to 4 lakh p.a. from 2.5 lakh p.a. Moreover, there will be an impetus on govt. spending more on the Railway modernization, boosting small businesses and start-ups etc. The Budget is sure to bring out strong emotions among the Indians and decide the future of the economy.
3. The Long Awaited GST: Acknowledged as the transformative indirect tax aiming to create a single taxation market for the entire country, the GST bill is set to be implemented in 2019. The bill is expected to create a platform for small businesses that will put them at par with their established counterparts. All the hopes lie on its right execution this new year.
4. The Much Needed Bankruptcy Code, 2016: Passed in May 2016, the bankruptcy & insolvency code to create a single law and consolidating the existing framework is expected to start benefiting the country in 2019. Some of the major advantages of this code include a) timely settlement of insolvency b) creating a database of serial defaulters resolving the debt problem of the country c) ensuring faster turnaround in business and improving the ease of doing business ranking. The implementation of this law now decides the future of business in 2019.
5. The Donald Trump Effect: Trump’s election as the president of the superpower of the world has some direct & indirect effect on India as well. Considering his positive opinions on our country, it is predicted that there would be some positive outcome of his election in terms of investment flows whereas the challenges include immigration, free trade and tax plan. It is thus quite interesting to see how Trump will impact the Indian economy this year.
6. Digitization, The Future of Country: Digitization has always been recognized as the need of the hour for the country like India where people majorly rely on cash, but with the coming of demonetization, there has been a greater push for digital economy. In the year 2019, we can expect a number of initiatives from the government like incentives on using debit & credit cards, new user friendly platforms to promote digital payments etc.
7. The Speculated Global Recession: The global recession in the year 2019 is a much debatable topic with economists cautioning that a temporary downfall of the economy is around the corner with political & economic instability whereas the other economic parameters like employment, infrastructure investment and rising wages suggest otherwise. In this situation, only the time can give the answer if recession will hit the world or stability will be the highlight of the economy.
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