Political perspectives on India's interim Budget 2024, experts weigh in
Jayant Sinha, Lok Sabha MP from the BJP and former MoS, Finance, highlighted the budget's aim to ensure macroeconomic stability and focus on specific sectors to boost capital expenditure.
No surprises from Union Finance Minister Nirmala Sitharaman as the government opts for prudence over populism in the Interim Budget. No changes to income tax rates and capital gains tax, pegs nominal GDP growth for FY25 at 10.5%. After the Interim Budget announcement on February 1, political voices analyse its impact.
Jayant Sinha, Lok Sabha MP from the BJP and former MoS of Finance highlighted the budget's aim to ensure macroeconomic stability and focus on specific sectors to boost capital expenditure.
He emphasised India's role as a global economic leader, especially in providing a production platform to compete with China, predicting increased foreign investments as a result.
Amar Patnaik, BJD MP, lauded the budget's emphasis on infrastructure and capital expenditure, foreseeing a multiplier effect. However, he expressed concern over inadequate spending in the rural sector and job creation falling short of expectations, urging a more comprehensive approach to address India's structural issues.
AK Bhattacharya, Editorial Director of Business Standard, observed the budget's significant political content ahead of upcoming elections. He noted the avoidance of past economic policy mistakes, praising increased transparency in budget-making and the government's commitment to fiscal consolidation.
Bhattacharya also highlighted the budget's signalling of future divestment plans and its alignment with the path of fiscal prudence.
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First Published: Feb 3, 2024 3:35 PM IST
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