Fulfilling Growth, Boosting Consumption and the Dream of Digital India

The question is, has this budget lived up to this demand?

In my mind, the Finance Minister’s fifth Union Budget will provide some key incentives for agriculture as well as credit growth, boosting consumption and growth, focus on infrastructure development and taking forward the vision of Digital India. Completely on target by addressing the points. and educational sector. Overall, I believe the budget has many inclusive measures and policies which balance the needs of the consumers.

Empowering a Consumer-Based Economy

Clearly, one of the biggest achievements from the FY24 budget is the revision of tax slabs in the new tax regime. Extending tax exemption to persons having annual income below 7 lakh, providing more money in the hands of consumers, thereby helping to stimulate consumption sentiment and drive growth.

A higher consumption sentiment will in turn drive up spending behavior in urban dna rural households. Also, the revised tax slabs will encourage Indians to move to the new regime, as it helps them save more in the long run. I believe this will start reviving the economy and spur growth in the retail and fast-moving consumer goods sectors.

Budget to support India’s growing infrastructure

To paraphrase Finance Minister Nirmala Sitharaman, this Union Budget is a blueprint for India@100. Infrastructure development and growth are going to be key to that ‘India @ 100’ vision. In my opinion, this budget has addressed this by focusing on key areas that will aid India’s growth. First, the impressive capital outlay of 2.40 trillion for the Indian Railways along with additional investment for 100 important infrastructure projects for key industries including transport, steel and coal etc., will certainly help in strengthening the country’s infrastructure. In my opinion, this will help India become more futuristic, and create more jobs, especially when the significant increase in capex is around 33%.

dial up digital and entrepreneurial spirit

The special thing for me is that in this budget, the Finance Minister has touched upon areas like Artificial Intelligence and Technology in a very comprehensive manner. This budget has focused on the development of India’s AI, technological and digital strengths with a special focus on fostering the entrepreneurial spirit within the country. It will help prepare the next generation of Indians for the future, while also creating more jobs and taking India forward on the global stage as a whole. This budget will also help in maintaining the momentum of ‘Make in India’, especially in the area of ​​electronic gadgets and other adjacent categories.

Additional profits for startups working in the agriculture sector have been another important standout point. I see this as the beginning of the next phase of the Indian agricultural journey – where the youth will bring modern, sustainable and more profitable agricultural practices and technologies to industry.

I believe that with such major measures, this budget has accomplished the most important task – taking that important step forward to grow and strengthen the Indian economy. Union Budget FY24 can take India to great heights by taking forward our infrastructure, boosting consumption and creating more jobs in all sectors. Overall, this budget, with the right execution, has the potential to be a game-changer for the Indian economy for the next 25 years.

Saugata Gupta is the MD & CEO of Marico Limited