India's ambition: Growth defies gravity
Last year, Covid behaved. This year, despite the Ukraine war, the economy thrives. The focus remains on infrastructure, investment, and regulatory streamlining, echoing the India@100 vision. The budget prioritizes domestic consumption, new sectors, and local manufacturing. Election-year sops were expected, alongside new scheme names. Inflation is wisely left to the RBI. Fiscal deficit targets are ambitious (5.9% in 2024, 4.5% by 2026), but investment needs pose a challenge. Infrastructure gets a boost, particularly railways and transport projects (ports, aerodromes, urban development).
Tourism is highlighted with 50 high-end destinations. Green growth is prioritized (hydrogen, energy transition). Contractual dispute resolution is welcomed. Skill development receives attention (nursing colleges, research). Digital focus remains strong. "Make in India" gets tax incentives (EVs, phones, batteries). Income tax slabs are lowered, and start-up incentives extended. Compliance is streamlined. Revenue forgone is substantial (₹350 billion). The government displays confidence. India appears on the fast track.