MUMBAI: India Inc. welcomed Wednesday ahead of a fiscally balanced and tax-focused budget, presented by Finance Minister Nirmala Sitharaman as the first in Amrit Kaaland the Indian economy looks forward to a bright future.
In its last full budget before the 2024 general elections, it focused on caps, manufacturing, tax regime and infrastructure. Basically, the Center outlined seven priority areas—development, infrastructure, investment, unlocking potential, green growth, youth empowerment and the financial sector.
“M’bap’pe de budget, not Messi at all. A budget that puts India on the path to becoming a world champion – each set to score targets for infrastructure development, consumption and inclusion. A big boost to domestic manufacturing, job creation and ease of doing business,” said Harsh Goenka, while praising the soccer star. ₹10 trillion for capital expenditure, up almost 33% from the previous year. The Railway receives ₹2.40 trillion, a record amount, and about nine times the disbursement in 2013-14.
“I welcome the move to more productive spending, budgeting off capital expenditure ₹10 lakh crore—a 33% increase over the previous year and the highest increase in two decades as a share of GDP. At the same time, the revision of income tax slabs under the new tax system should increase purchasing power for many. Loan guarantees and other assistance to SMEs, a focus on tourism, and measures announced for the care economy will contribute to job creation. The budget remains committed to shared prosperity by extending the free food scheme for one more year,” said N. Chandrasekaran, chairman, Tata Sons.
Uday Kotak, MD & CEO, Kotak Mahindra Bank said, “Budget with vision, structure, discipline. Immediate benefits for all individual earners. The measured path of fiscal consolidation continues. It sets a foundation for increasing the per capita income of all India exponentially from 1.97 lakh (2400$). True to its name: 1st budget from Amrit Kaal.”
Under the new tax system, the rebate limit has been increased to ₹7 lakh from ₹ 5 lakh earlier. In addition, the number tax slabs will be cut to 5 instead of 7 in the new regime.
Sajjan Jindal, chairman, JSW Group said, “The 40% increase in income tax rebate limit from Rs 5 lakh to Rs 7 lakh this budget has brought to our middle income group is a great comfort and a great step to strengthen them. finance. More money in the pockets, more spending! Overall, I believe it is a great budget and will complement India’s growth story.”
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Updated: 02 February 2023, 12:32 AM IST
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