By Zarin Daruwala
“The Budget finely balances the objective of supporting growth while adhering to fiscal prudence in the medium term. The personal income tax cuts for the middle class would help address the urgency to revive consumer demand. The focus on physical infrastructure along with the social sector (health, education, rural, water) would boost the medium-term growth potential. In my view, the Budget rightly attempts to boost spending by enhancing non-tax revenues via higher disinvestments including stake sale in LIC and IDBI Bank. Other announcements like enhancement in deposit insurance coverage, further liberalisation of the foreign investment regime, the abolition of Dividend Distribution tax, are steps in the right direction.”
(The writer is the CEO, India, Standard Chartered Bank)
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