New Delhi, February 02, 2023: It’s a delight to see the budget complementing the Economic Survey so very well. It displays an orderly thinking process in the government. The survey showed India reaching the recovery phase of the credit growth cycle; private consumption was rising reaching its highest since 2015; Gross Non-performing Assets ratio of banks declining substantially; and consumer confidence rising. This is the right time to give more money in hands of people and that is what the FM has done. The standard deduction has been significantly increased from Rs 5 lakhs to Rs 7 lakhs. Incomes and consumption will witness a quantum jump due to the Capex increase of 33% on top of the 35% increase seen in the last year. The budget has embraced green growth as well as smart growth as it emphasises on initiatives through Artificial Intelligence and other technological improvements.
Quick conflict resolution is key to business success. The initiatives under VIVAAD se VISHWAS are much appreciated given the global shocks experienced by our producers, particularly the MSME sector. In the pursuit of enhancing ease of doing business more than 39,000 compliances have been reduced and more than 3,400 legal provisions have been decriminalized. The FM proposed to decriminalise section 276A of the Income Tax Act also.
The economic reforms undertaken in past few years couldn’t yield desired outcomes due to the pandemic; Ukraine war and then high global inflation. Given the easing of the situation, India will now reap the benefits of the reforms and the spending appetite created by the budget.
This budget will play a crucial role in India becoming a $10 trillion ahead of 2035.
Corporate Comm India (CCI Newswire)
