There hasn’t been adequate stress on fiscal discipline

Mr. Abhishek Goenka, CEO & CFO, CoWrks

This was a budget with many differences. On the positive side, there was more focus on strategic initiatives, such as no charges on fund transfers, tax deduction on loans for EVs, interchangeability of Aadhar and PAN and the various measures on easier KYC. Added to this, the proposed 4 codes to cover all labour laws is extremely positive. These initiatives will have a catalytic effect in not just achieving the specific objectives but also, a larger spiral of increased compliance and economic extension.

On the flip side, there hasn’t been adequate emphasis on fiscal discipline, and the approach of a sharp increase in tax rates for the rich as the only revenue enhancement measure is unimaginative to say the least. I am also disappointed that the corporate tax rate has not been reduced across the board.

The author is the CEO & CFO of CoWrks.