However, he has chosen not to give in to the pressure of expectations; he has presented a budget that is balanced, targeted and provides relief to the deserving. The exemptions to foreign portfolio investors from indirect transfer provisions is a positive step and will bring clarity. The budget restricts the interest deduction to 30% of earnings before interest, tax, depreciation and amortization in case of cross-border intra-group funding between related parties. This budget sends a clear message that it will remain committed to its goal of transforming governance in the country. The finance minister should be commended for a balanced and reform-oriented budget.

Source: Mint February 01, 2017 20:15 UTC