The finance minister presented the Budget in the midst of a tough economic backdrop and slowdown in economic growth. The intent towards fiscal consolidation through a reduction in fiscal deficit has been a key area of focus for the FM in this Budget.
Importantly, financial inclusion has been supported through allocations for women, youth and rural India. The increased allocation for Capital expenditure should provide impetus for growth, aided by the increase in investment allowance for corporates. The reduction in STT is good for the equity markets and should help to build momentum. However, we would liked to have a road map for both DTC and GST, as this would have set the agenda for tax reforms.
Sunil Kaushal
Regional Chief Executive, India & South Asia, Standard Chartered Bank
