The first budget of #AnritKaal has laid out a roadmap for robust growth and for a vision of India @ 100.
This may not have been the wow budget that many would have wanted. However, with the current environmental and global politico-economic factors, I must say the FM did a commendable job of showing fiscal prudence and, at the same time, focussed on growth that is inclusive, #Atmanirbhar and sustainable.
One thing folks in management and marketing profession should learn from the current dispensation is the ability to come up with themes that are both catchy and easily understandable. This year too was no exception where the FM grouped her focus areas under seven priority heads which were aptly named “Saptarishis”.
#Financial sector which is one of the 7 pillars shows its importance for the overall growth of the economy. With the growth in the past years being a testament to India’s existing digital infrastructure and #fintech services, #Budget2023 focused on furthering the role played by the nation’s digital public infrastructure. Initiatives like setting up the National Financial Information Registry and the Central Data Processing Centre show that the government and regulatory bodies have their eyes set on enhancing financial stability. I am keen to see the amendments to the Banking Regulations and RBI act that the FM mentioned about.
With a 33% increase in CAPEX, the FM has walked the talk on infra and investments. This demonstrates how the Govt. is leading from the front in sustaining growth in a systemic manner. The carrot offered to states with a 50-year interest free loans to focus on specific capital expenditure was heartening.
The number of initiatives focussed on tribals, and marginalised segments shows the intent of the Govt for an inclusive growth.
For a nation that is aspiring to be a middle-income country in the next 25 years, growth without considering the environmental impact could have been an easy path to have taken. It is a matter of pride that the FM has green growth as one of the priority items. Be it the green hydrogen mission, use of alternative fertilizers and emphasis on natural farming there has been many an initiative. India is leading from the front in taking care of mother earth and leaving a healthy planet for posterity.
Speaking of which with India having the largest youth population, it is only natural for youth power and entrepreneurship finding a place in the priority list.
the income tax relief that has been widely anticipated needs to be studied in more detail. the effort, in a calibrated way, seems to be getting towards the DTC regime. The other highlight of the budget is on the non-fisc side. Be it harmonising ID requirements for MSMEs with PAN or dismantling many licensing requirements is a step in the right direction.
While a lot of right things were said, my view is that the Govt needs to bring in significant reforms and focus on four areas a. while education and vocational training did form a part of the budget speech, a real thrust in a PPP mode is required where the curricula is radically modified b. Urban planning and infra is in shambles and spaces are built without regard to planning, aesthetics and cultural preservation. Again, while the FM did focus on this, my view is more of the same will lead us nowhere c. I believe the Govt has to work to bring down the number of people in the agri sector to less than 10% of the workforce. This is not going to be easy task and reforms including market linkages, storage, financing is critical d. a need to focus on holistic healthcare where the traditional and modern techniques find the right balance,
On all the four points above, there are challenges and opportunities galore. Re the numbers front, I am keen to see where disinvestment and asset monetisation will fit in. Further, if tax buoyancy continues to be high then there could be more investments on CAPEX for the coming year.
Overall, a great budget that sticking to fiscal prudence coupled with the aspiration of a growing India.
Nidugondi Speak 