The Finance Minister has presented a visionary, confident and judicious Budget.   A fiscal deficit target of 5.1% along with an increase in capital expenditure by 11% for next year is a big positive.  The proposals for building three major railway corridors and green energy programmes for sustainable development augur well for the economy.  

On the tax front, stability in tax rates and extension of time line for tax benefits available to Start-Ups, Sovereign Wealth funds and Pension funds and IFSC units earlier expiring on 31 March 2024 are welcome measures. The extension of the SWF and Pension fund provisions will facilitate new entrants and augur well for the National Monetisation Program of the Government. The extension for the IFSC units in aircraft leasing will be important given the growth aspirations of the Indian aviation industry. The plan to withdraw old outstanding small tax demands benefitting 1 crore taxpayers should help reduce the levels of disputes.

Overall, a growth focused positive Interim Budget to maintain India’s growth momentum amid global challenges.