Budget a booster shot for India, has ambition, resolution and innovation

It was one of the toughest times in history to announce a budget, writes Harsh Goenka.

Message:		Recipients’ Email:	Type address separated by commas
Your Email:			Enter the characters shown in the image.
Send me a copy:

https://mybs.in/2ZbwEqO

As I began my day today, I was a bit sceptic about the upcoming budget. After all, the world has been battling with a relentless pandemic with no respite. Life, as we knew it, had changed forever. Even developed nations have been struggling, with austerity looking inevitable. I was wondering whether this budget would do enough to spur demand and growth.

After the budget, I feel a true sense of happiness. There is ambition, resolution and a fair bit of innovation in the way the FM has approached this budget. The ambition is in the disinvestment plan, a staggering Rs 175,000 crore proposal that aims to unleash a host of NPAs from the government’s custody.

The resolution comes through measures on increasing transparency, reducing litigation and easing tax procedures, which are a welcome continuation of steps the FM had initiated when she came into the job.

The innovation lies in the manner in which the books are balanced with zero incremental taxation!

The initiatives on tax holidays, allowing ‘one person companies’ and customs duty rationalisation are great steps that will give a boost to start-ups, MSMEs and the Make in India movement. It is well thought out with solutions for real problems that these businesses face. For the infra sector, I see some serious action in the form of spending, raising capital and enabling public-private partnerships. All this augurs well for the rise of India in the new world order, that FM Sitharaman mentioned in her speech.

It was one of the toughest times in history to announce a budget. The mood was marginally short of melancholic owing to the Covid pandemic and many were expecting the budget to be a means to bridge the government’s revenue gap. This budget has turned out to be a booster dose with a cocktail of public welfare measures, infrastructure development and a sound economic agenda.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor