FM Nirmala Sitharaman has announced the Interim Budget 2024 ahead of the upcoming elections. Overall, it is looking up. From taxation, to ongoing subsidies and schemes for the rural class, to relaxations for startups and businesses, the budget has covered most gaps.
Anand Mahindra, chairperson of the Mahindra and Mahindra Group took to X to share his thought on this year’s Interim Budget.
“For many years, I have been saying that we create too much drama around the budget and raise expectations of policy announcements to an unrealistically feverish pitch. The Budget is NOT necessarily the occasion for transformational policy announcements. Those can, and should, happen throughout the year. Just as it is for all private households, the Budget is an opportunity to plan our finances prudently and with fiscal rectitude. The more we are focussed on living within our means and investing for a robust but sustainable future, the more confidence we will gain with global investors,” he said.
Mahindra stated that he was pleased with the Budget presented today.
Stand outs in the budget for him were:
“It was one of the shortest speeches.
Brevity that is welcome and which communicates quiet confidence.
No populistic measures were announced as has traditionally been expected in pre-election budgets. A welcome, and I hope, permanent approach!
The fiscal deficit target was better than envisaged. Prudence scored a decisive victory!”
Furthermore, no major Tax and duty changes were announced. Businesses place a high value on stability and predictability and that was evident in this budget, he said.
“The really good news was the higher Tax to GDP ratio which has long been hoped for and which cements a strong foundation for fiscal flexibility and aggressive expenditure when it is needed. The FM can and should trumpet this more loudly…
Now, we can focus on getting back to work and executing our plans efficiently while crossing the ‘Setu’ to a more prosperous India,” he added.