INDIA PUTS ITS BEST FOOT FORWARD AS RISKS LOOM

THE expectation was for a populist Budget, given that it is the last full-year budget before the elections in 2024. Quite the contrary was what the FM presented. It’s no secret that most of the developed nations are grappling with recessionary pressures, and it is a risk that every economist is ruminating over.

FM Sitharaman has kept her calm amidst the storm and shown intelligent focus in doing her job well.

I feel that with this Budget, India has put its best step forward towards mitigating and, maybe, even avoiding some of the looming risks, with multiple facets announced in the Budget that act as counter-forces.

The highlight of the Budget is the infrastructure-led growth plan. The FM has been wise to build upon last year’s Budget and the good work achieved on the ground. The 10 lakh-crore outlay will help with a multiplier effect on consumption and job creation. The number is staggering – thrice what was announced for FY20 just three years back! It will now be critical to follow through, as implementation will remain the key to making the desired impact a reality.

The ̀ 2.4 lakh crore spend on railways will help improve connectivity and, more importantly, freight – another multiplier that will help bolster trade and commerce across the country. The direction is clear – end-toend connectivity through airports, helipads, landing grounds and urban infra for the next-tier cities. We are on a clear path to percolate business laterally and widen the growth base beyond existing powerhouse cities.