The Union budget presented by finance minister Nirmala Sitharaman is a well-crafted balance between economic growth and fiscal discipline. The huge increase in the personal income tax relief limit—oh ₹5 lakh to 7 lakh – will contribute significantly to consumption-driven growth and act as a countermeasure to the subdued global economic environment. The capital investment outlay has increased significantly by 33% ₹10 trillion. This, together with the highest allocation ever ₹2.4 trillion to the Railways, will crowd in more private investment and will add to the virtual cycle of investment and job creation.
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