The presentation of the Union budget in India is an event that the entire country look forward to and this year was no exception. The expectations on the budget were sky high on the back of the decisive political mandate to the current government.

If anybody was expecting a big-bang policy presentation or a very populist tone in the budget, they would be disappointed. To be fair this government has been working on a few key themes ever since they have assumed office - the Jan DhanYojanafor inclusive programmes among the poor sections of the society, skill building to develop long-term capability and human capital, the Make in India programme to focus on manufacturing competitiveness, Digital India to leverage technology and a taxation regime that is non adversarial.

If one looks at the budget presentation today, beyond the statement of accounts, it had two clear elements - firstly it has given specific targets to where this government would like to take India to in the next five to seven years such as the ambitious housing for all by 2022.

Secondly, it has started giving shape to the plan towards building India for the future. It is always very difficult to steer large and complex country such as India and, therefore, it needs a careful balancing act between long-term direction versus short-term optimisation, taking into account various stakeholder needs.

In the given context, I would like to discuss five announcements in the budget that deserves attention and analysis.

Firstly, the idea of monetising the gold inventory that Indians have. This is certainly a very innovative way to provide a revenue flow in the hands of those having gold through a transparent mechanism. If implemented properly, this can potentially reduce volatility in gold prices.

Secondly, the finance minister has provided the concept and framework for a social security system in India - if implemented thoughtfully, it will ensure that a significant size of the population will be able to plan for a dignified old age.

Third, the announcement today by the finance minister regarding the intention to revamp the Bankruptcy Code and replace the Sick Industrial Companies (Special Provisions) Act (SICA) and the Board for Industrial and Financial Reconstruction (BIFR).

A more progressive and speedy bankruptcy management process would enhance India's capital productivity of already invested assets and eventually lead to a better and more accountable credit standards in the banking sector.

Fourth, the government's determination regarding black money was evident when the finance minister laid out the framework for the new law.

I believe an effective law with strong deterrent in the regulatory set-up has the potential to plug the proliferation of black money in the country and increase the tax-to-GDP ratio significantly.

Finally, the government has now clearly demonstrated its principle for a predictive and stable tax regime by announcing the plan for reduction of the corporate income tax over the next four years and making General Anti Avoidance Rule a prospective legislation.

India has an opportunity to position itself not only as an attractive economy for capital investments but also as a tax-friendly and tax competitive destination for domestic and overseas investors.

The government's focus and resolve on developing the social and physical infrastructure in urban and rural India will be critical for the country's long-term growth and development.

Efficiency of the economy and competitiveness of India would depend on the availability of world-class infrastructure and trained human capital.

While there is a lot to do in the coming years, this budget provides the realistic direction of the path forward. Over the next year, the country and the world will wait to see the implementation of the plan.

• Chatterjee is group executive director (finance and corporate), Tata Steel