Setting New Benchmark for Inclusive Development

Amidst rising global protectionism that challenges international trade, the finance minister's eighth Budget reaffirms India's commitment to play a dominant role on the world stage through forward-looking economic policy changes, while aligning to the previous glide path on fiscal deficit.

- SAMEER GUPTA, NATIONAL TAX LEADER, EY INDIA

The finance minister has skillfully navigated through a complex set of demands, ranging from reduction in personal taxes, strengthening of domestic manufacturing and refinement of the GST framework.

Viksit Bharat—deregulation and impetus to MSMEs The Budget strikes a fairly harmonious balance, with plenty to cheer for individual taxpayers and no major surprises for India Inc. To achieve the target of Viksit Bharat by transforming India into a $30 trillion economy by 2047, the focus continues on creating a dynamic business ecosystem.

The Budget recognizes the important role that MSMEs play and their contribution in propelling economic growth.

To support MSMEs in achieving scale, technological advancement, and access to capital, the investment and turnover limits for classification of MSMEs is proposed to be enhanced to 2.5 and 2 times respectively.

To simplify regulations, a first-ever high-level committee will review all non-financial sector regulations, and this can once implemented reform different sectors and enhance the business environment.

Personal income taxes The government's commitment to enhancing individual financial empowerment is evident in the revised tax slabs.