“The Hon’ble Finance Minister Smt. Nirmala
Sitharaman has presented an exceptional budget by balancing the need for
sustaining rapid growth, while maintaining an eye on fiscal prudence.
Given the fact that there is an outlay of Rs. 10 trillion towards Capex
which represents 3.3% of the GDP, and a 33% Y-o-Y increase, this will
definitely contribute to a robust economic growth. While doing so, the
Government has aimed at a fiscal deficit target of 5.9% for the upcoming year
with a clear glide path to bring the fiscal deficit below 4.5 per cent of GDP
by 2025-26.
The Budget which not only focuses on
inclusiveness, youth empowerment and skill development, but also aims to give
impetus to “Green Growth” with sufficient outlays for supporting the recently
announced National Green Hydrogen Mission, doubling of allocation for FAME 2
scheme and for providing viability gap funding for Battery Energy Storage
System (BESS). The support for 500 new “WASTE to WEALTH” plants under the
GOBARdhan scheme towards leveraging compressed biogas will also encourage a
Green and circular economy.
Further, the announcement towards fund
allocation for scrapping old vehicles of Central and State Governments will not
only help the environment and reduce fossil fuel consumption, but will also
generate demand for new vehicles.
Priorities of this year’s budget clearly
resonates the Government’s vision for overall development of our country in an
inclusive, environmentally responsible manner towards a technology driven and
knowledge based economy . The added reforms announced towards the ease of doing
business, as well as simplifying the direct tax administration, as well as
introducing new tax slabs, are bound to lead to greater disposable income,
which will generate demand and are supportive for the growth of the economy.”
