Interim Budget Reaction: Hedonova

1 Feb 2024 , 02:41 PM

‘Finance Minister Nirmala Sitharaman highlighted the transformative decade for the Indian economy, emphasizing the government’s commitment to ‘sabka sath sabka vikas.’ The focus on Garib Kalyan and direct benefit transfers through PM Jandan accounts has resulted in substantial savings, redirecting funds to empower the poor. Acknowledging systemic inequalities, Sitharaman stressed on empowering the poor, women, youth, and farmers. Notable initiatives include crop insurance for farmers, housing under PM Awas Yojana for rural women, and a fiscal deficit target of 5.1% for FY25. The doubling of GST tax base and collections showcases economic resilience. Importantly, no proposed changes in tax rates were announced.’