Union Budget 2023-2024 Reaction: Mr. Balachander Sekhar, Co-Founder of RenewBuy

1 Feb 2023 , 03:16 PM

The government rightly said that our digital infrastructure is unmatched. And, this digital power needs to be harnessed more so that job creation, which is one of the primary focuses of the Government, is fulfilled. The increase of capital investment outlay by 33% to Rs 10 lakh crore is a great step; this is the third year in a row that the Government has increased the capital investment outlay. Increasing the capex outlay is in line with the government’s vision of creating ample job opportunities for the youth, providing strong impetus to growth, fiscal consolidation and strengthening of macroeconomic stability.

With tax rebate for people with income up to 7 lakhs, the middle class will now have more liquidity and they will look for investment tools. This is a great step, as personal finance will see a boost from this move. There will be increased investments in multiple personal finance segments, which also includes the insurance sector. The economy is thus expected to see more liquidity, which in turn will help in boosting the GDP.