A growth-oriented Budget, says NSE MD & CEO Ashishkumar Chauhan

"The Budget would support growth and the Indian consumption story, and keep us in good stead, given headwinds in China and developed markets and until the rest of the world eases"

Ashish Chauhan, MD & CEO, NSE
Ashishkumar Chauhan, MD & CEO, NSE
Ashishkumar Chauhan
2 min read Last Updated : Feb 02 2023 | 7:10 PM IST
This is a growth-oriented Budget, one of the best in years, with a focus on both infrastructure and job creation, while reducing income tax for pretty much everyone and allotting lots of money to the states. The fiscal deficit has been reduced from 6.4 per cent to 5.9 per cent of GDP, with a clear path to reach 4.5 per cent in the next three years.

The focus on infrastructure, as seen in the rising capex outlay from Rs 7.5 trillion to Rs 10 trillion, combined with PM Gati Shakti and this government’s ability to execute, would be visible through roads, railways, ports and airports, and would translate into demand for basic materials like cement and steel on the one hand, and consumption goods from all sections of the society and jobs on the other.

For the financial sector, the focus has been on inclusion, credit support to MSMEs, and simplifying, enabling governance in GIFT IFSC through a number of proposed amendments. A single-window IT system across regulators would enhance business activity there. Establishment of data embassies would help against cyber threats. In this context, amendments proposed towards improving bank governance and investor protection are welcome. Having an integrated IT portal for the Indo-Pacific Economic Framework would help claims on shares and unpaid dividends.

The middle class would welcome the revised tax slabs, higher savings limit for senior citizens, and incentives for the new tax scheme. The Budget would support growth and the Indian consumption story, and keep us in good stead, given headwinds in China and developed markets and until the rest of the world eases. Before the Budget was presented, investors worried about a rise in capital gains. No change there has also created a positive reaction. Overall, this is a very positive Budget for the markets, with something for everyone. I give the Budget 10/10.

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Topics :Fiscal DeficitBudget 2023Ashishkumar ChauhanNSECapexinfrastructure

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