Ladder for Economic Growth

THE UNION BUDGET 2023-24 is undoubtedly one of the most challenging budgets the Indian government has faced to date, given the current global economic downturn and the ongoing war in Ukraine.

- Deepak Chhabria

The budget serves as a crucial roadmap for ensuring India’s continued growth and stability in the face of the economic storms affecting the rest of the world. It has been met with positive reactions from industry experts and stakeholders as it is viewed as a forward-thinking and optimistic document.

Capital expenditure (Capex) is an essential component of the Union Budget, as the funds are utilised for a wide range of projects, including construction, machinery, equipment, schools, and infrastructure. The Finance Minister has raised the Capex by 33 per cent to Rs 10 lakh crore, which is 3.3 per cent of the total GDP. This move reflects the government’s focus on driving growth potential and creating more job opportunities for the nation’s youth. This increase in Capex will also present numerous investment opportunities for private investors looking to invest in the Indian market.

One of the most applauded announcements from the budget was the increase in the rebate limit for income tax payments from Rs 5 lakh to Rs 7 lakh under the new tax regime. This increase, combined with the tax exemption limit being raised to Rs 3 lakh, provides much-needed relief for the salaried class, as they will now have more disposable income.

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