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  3. Brief authored piece by Shri Ashish kumar Chauhan, MD& CEO, NSE
Business

Brief authored piece by Shri Ashish kumar Chauhan, MD& CEO, NSE

 Brief authored piece by Shri Ashish kumar Chauhan, MD& CEO, NSE

“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 lots of money to states. The fiscal deficit has been reduced from 6.4% to 5.9% of GDP, with a clear path to reach 4.5% in next three years. The focus on infrastructure, as seen in the rising capex outlay from Rs7.5lakh crore to Rs10 lakh crore, 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 one hand, and consumption goods from all sections of the society, jobs on the other.

For the financial sector, the focus has been on inclusion, credit support to MSMEs, and simplifying, enabling governance in the 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 IPEF 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, keep us in good stead, given global 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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