The businesswoman from Paris, France, Mrs. Kavita Singh, the CEO & Founder of R Flashiono Group, welcomes India’s new budget positively. She said, “This budget lays a solid foundation for India’s future growth. As entrepreneurs, we are optimistic about its positive impact on every industry. The biggest focus of the budget has been on continuing fiscal consolidation and macro-stability. Focusing on skill development and employment generation will likely be transformative in the long run.” She thinks the market needs a slight adjustment period to adapt to these new tax measures. “This budget also shows that the government is continuing to strongly back to its vision of making India have a larger chunk of the global economy. It’s a satisfying budget for all of us.”
A social worker from France, Sh. Iqbal Singh Bhatti also said that this budget is satisfying for all Indians. “We should be proud of our finance minister, Smt. Sitaraman, who prepared this Union budget,” he adds.
The recent budget announcement presents a comprehensive plan aimed at stimulating economic growth while addressing various sectors of the economy. The budget introduces a new tax regime with increased rebate limits and reduced slabs, potentially benefiting many taxpayers.
It also focuses on supporting MSMEs through financial infusions and credit guarantees. Senior citizens will benefit from increased deposit limits in savings schemes. In addition, the budget places a strong emphasis on youth development and skill enhancement through apprenticeship programs and vocational training initiatives.
Some of the significant pointers that constitute the Union budget of India:
- 33% increase in Capital Expenditure outlay, amounting to 3.3% of GDP, with fiscal deficit target set at 5.9%
- New tax regime with increased rebate limit to INR 7 lakh, reduced tax slabs, and reduction of highest surcharge on personal income tax from 37% to 25%
- INR 9,000 crore infusion for MSMEs, with an additional INR 2 lakh crore credit guarantee
- Doubling of deposit limits for Senior Citizen Savings Scheme and Monthly Income Account Scheme
- Introduction of National Apprenticeship Promotion Scheme to support 47 lakh youth and launch of Pradhan Mantri Kaushal Vikas Yojana 4.0 for skill development
- Establishment of three AI centres of excellence and 100 laboratories for 5G application development
- Plans to revive 50 additional airports, helipads, and landing grounds for improved regional air connectivity
Looking towards the future, the budget allocates resources for technological advancements in AI and 5G while also planning improvements in regional air connectivity. The budget aims to balance economic growth, social welfare, and technological progress to position the country for future development.
