Fuelling India's ride to developed economy stop
budget underscores the government's steadfast commitment to growth without compromising on fiscal discipline. The overarching message is clear: progress for all segments of society through equal opportunity. This blueprint addresses critical sectors such as manufacturing, services, agriculture, and startups, while providing targeted support for women and job seekers. An unwavering resolve to elevate India to a 'developed economy' status by 2047.
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Setting a fiscal deficit target of 4.9% for FY25, a 20-basis points differential from previous projections, and aiming for 4.5% by the end of FY26, should help reduce cost of capital in the economy on a structural basis. One could say the undertone was clear even during the pandemic. A strict adherence to a path of fiscal consolidation thereby strengthening India's case for a sovereign rating upgrade in the coming years, making it a prime destination for long-term capital inflows.
A notable highlight in the current budget is the reduction of the corporate tax rate for foreign companies from 40% to 35%, aligning it more closely with domestic rates. This further enhances India's appeal for ease of doing business and is a significant step towards positioning the country as an attractive investment destination. The abolition of the angel tax is another groundbreaking reform. This measure breathes new life into our burgeoning startup ecosystem, making India an even more enticing hub for private capital and fostering innovation and entrepreneurship.
