Investing in People, Economy and Innovation
Pre-budget: strong domestic consumption, business confidence, ~6.5% GDP. Risks: geopolitics, trade wars. Asks: deregulation, less interference, middle-class tax relief. Budget highlights: Tax exemption up to ₹1.2M! Strategic & populist moves prioritized; focus on Tax, Power, Urban Development, Mining, Finance, Regulatory Reforms. Emphasis on consumption & capex, incentivizing private sector in food processing, tourism, skill development. Nuclear energy target: 100GW by 2047, ₹200B R&D for small modular reactors. East & North East focus: infrastructure, food processing. Rural healthcare push via broadband & AI. Education focus. MSME support: reduced working capital pressure, duty cuts on various sectors. Maritime development fund: ₹250B, aimed at geopolitical balance & reclaiming India's maritime heritage. Insurance FDI limit raised to 100%. Merger regulations to be expedited. Safe harbour rules liberalized. Omission: no GST reforms. Fiscal deficit: 4.8% (current), 4.4% (projected). New Income Tax code (Feb) promised, replacing 1961 Act, aiming for simplicity.