Balancing fiscal prudence while focussing on the critical drivers of a self-reliant economy

by
Post Views: 100


Budget 2024 was in line with the vision of building a self-reliant Bharat, focussing on the critical drivers that can propel the country to its next level of growth. The focus has been to keep the fundamentals strong, catalyse the pockets of opportunity, and not deflect from the fiscal glide path. Emphasising its efforts towards the nine priorities announced, the government has tried to build a growth road map through better collaboration, ease of doing business, and employment generation. From energy security to strengthening the tribunals in the country, the approach has been holistic in crafting the budget.

Boosting employment and employability

An allocation of ₹1.48 trillion for education, employment and skilling is well intended. India as a country of over 1.4 billion people needs more jobs and employable talent. The push to increase participation in the Employees’ Provident Fund Organisation (EPFO) is a critical step toward formalizing the labour market. By encouraging more companies to enroll in the EPFO, the government aims to provide greater social security to employees, which, in turn, makes formal employment more attractive. This initiative is expected to accelerate employment growth, as more workers are brought into the formal sector, benefiting from provident fund contributions and other employment benefits. 

A particularly innovative aspect of the current policy measure is the focus on internships. Recognising the future needs of the economy, the government is encouraging the top 500 companies to undertake internship programmes. These programmes are not only aimed at enhancing the employability of young people but are also supported through incentives and the use of Corporate Social Responsibility (CSR) funds. This dual approach of providing practical work experience while still in education, supported by financial incentives, is expected to nurture future talent and also help these youngsters to find their career path.

Eye on fiscal discipline

The estimated fiscal deficit for FY25 has been pegged at 4.9%, lower than the 5.1% announced during the interim budget. The government acknowledged that the fiscal consolidation path had served the country well and it reflects the commitment to maintain this discipline and reduce central government debt progressively. This is a commendable feat. Reiterating the aim to take the fiscal deficit to below 4.5%, the finance minister has estimated FY26 fiscal deficit at 4.5%. This might also enthuse foreign rating agencies to look at a possible upgrade.

Taking financing to small scale enterprises

Micro, Small & Medium Enterprises (MSMEs) are growth engines for the country and employ lakhs of people and the finance minister gave impetus to this core focus area by announcing several financing measures for the MSME sector. A credit guarantee scheme will be introduced to provide term loans to MSMEs. From credit support to MSMEs during stressed periods to enhancing the limit of mudra loans from ₹1 million to ₹2 million to coming up with a new assessment model for public sector undertaking (PSU) banks to evaluate MSMEs for credit support are all initiatives that will benefit the sector. Small Industries Development Bank of India (Sidbi) expanding its branch presence to cover major MSME clusters will also facilitate greater ease of access to credit.

Fuelling rural development

The idea of a digital land registry that will have details of farmers and their land can help in formalising land data and provide more authentic information for assessing networth and providing access to finance. I feel one can create an Aadhaar kind of identity for land ownership as well. It also plans to release new varieties of high-yielding crops and encourage natural farming. All of these are focussed on aiding farmers to make the most of the land they own. Measures taken towards the agriculture sector directly impact the earnings of rural India. This, in turn, can boost consumption. The introduction of a National Cooperation Policy to fast-track the growth of the rural economy will also act as an enabler to boost the rural economy.

Increasing disposable income

The changes in the new tax regime announced by way of increasing standard deduction amount and the tax slabs will leave more money in the hands of taxpayers, thereby boosting spending and investment. Markets though expected some rationalisation to income tax exemption limits in the old regime too.

Increase in LTCG and STCG may not be a dampener

The increase in LTCG by 2.5% and in STCG by 5%, may not dampen market sentiment or have any significant negative impact. The rationale is that the substantial wealth created in the country over recent years makes the additional tax burden relatively minor for most investors. Moreover, investors typically base their decisions on potential returns and economic growth rather than solely on tax considerations. Those who invest in the stock market do so with a long-term perspective on potential gains and economic conditions. Therefore, marginal increase in taxes is unlikely to shift their investment strategies substantially.

Overall, I will give nine out of ten to this budget. It was pragmatic and without any shocks and considering India’s economic trajectory, that should be sufficient to further bolster growth.

The author is the managing director & CEO of Aditya Birla Sun Life AMC Ltd.



Source link

14 thoughts on “Balancing fiscal prudence while focussing on the critical drivers of a self-reliant economy”

  2. Der Echtgeld Bonus ohne Einzahlung wird auch als „No Deposit Bonus“ bezeichnet.
    Zögert nicht länger und gewinnt kostenloses Spielguthaben mit Top Echtgeld Boni
    ohne Einzahlung! Die Feature Games sind die internen Extraspiele des Slots,
    die während der Spielrunden ausgelöst werden.
    Wenn man Freispiele bekommt, kann man an einem
    bestimmten Slot Gratis-Drehs nutzen. Um einen Willkommensbonus mehrfach zu aktivieren, registrieren sich manche Spieler mehrere Spielerkonten bei einem und demselben Online Casino.
    Zum Abheben der Echtgeld-Gewinne muss man sich für eine Auszahlungsmethode entscheiden. Der Casino Echtgeld Bonus
    wurde somit zu einem entscheidenden Instrument, um Spieler anzulocken.

    References:
    https://online-spielhallen.de/anmeldung-bei-starda-casino-ein-umfassender-leitfaden/

    Reply

  3. Eine Mindesteinzahlung in Höhe von 50€ wird benötigt,
    wenn du die Freispiele ebenfalls erhalten möchtest. Auf rolling slots zu spielen macht spaß.

    Ein exklusives VIP-Programm bietet Prämien, Cashback bis 20
    %, erhöhte Limits, personalisierten Support und exklusive Boni für
    Stammspieler. Das Rolling Slots Casino bietet neben einem riesigen Willkommensbonus auch eine tägliche Bonuskarte, mit der Spieler jeden Tag neue Boni erhalten können. Gibt es Tipps und Tricks für mich als Spieler, um erfolgreicher online Roulette bei diesem Casino zu spielen? Das Rolling Slots Casino bietet Kunden die Möglichkeit,
    dass sie auf vielseitige Art und Weise zu Freispielen gelangen können.
    Wenn Sie noch kein Kunde bei diesem Casino sind, dann haben Sie die
    Voraussetzungen erfüllt, die Sie benötigen, um den Rolling
    Slots Bonus ohne Einzahlung
    in Form von 20 Freispielen zu nutzen. Neben diesen spannenden und unterhaltsamen Automaten, Tischspielen und
    Live Games erfreuen Sie noch die Aktionen, die hier zur Verfügung gestellt werden. Hier erwartet Sie ein ausgezeichnetes Angebot an Glücksspielen, bei denen kein Klassiker fehlt.

    Reply

  4. Für echte Erlebnisse statt reiner Geldgewinne bietet dieses exklusive Programm VIP-Konzerttickets, Sport-Events und
    Luxusreisen. Zusätzlich erhältst du häufig einen ersten Match-Bonus von 100
    % bis 200 € plus Freispiele auf ausgewählte
    Top-Slots. VIP-Mitglieder erhalten Multiplikatoren von 2x bis 5x für schnellere Punktesammlung.

    Bronze-Mitglieder erhalten Euro Bonusguthaben,
    während höhere VIP-Stufen bis zu 100 Euro oder
    exklusive Sachpreise erhalten können. Der Casino Rewards Geburtstagsbonus ist ein personalisiertes Geschenk, das automatisch in der Woche Ihres Geburtstags gutgeschrieben wird.
    Je nach VIP-Level variiert der Prozentsatz – Bronze-Mitglieder
    erhalten 25%, während Diamond-VIPs bis zu 75% erhalten können.
    Sіе bеkоmmеn glеісhzеіtіg Zugаng zu 29 Саsіnо оhnе
    Аnmеldung sоwіе dіе Möglісhkеіt, еxklusіvе Воnі zu
    еrhаltеn. Саsіnо Rеwаrds іst bеquеm, zuvеrlässіg und рrоfіtаbеl.
    Іhr Kоntо іst sоfоrt für аllе tеіlnеhmеndеn Саsіnоs gültіg.
    Dаs Trеuерrоgrаmm vоn Саsіnо Rеwаrds аuf dеutsсh bеstеht аus 6 Stufеn. Саsіnоs für есhtеs Gеld, dіе аn Саsіnо Rеwаrds tеіlnеhmеn, bіеtеn іhrеn Sріеlеrn еіnе grоßе Аuswаhl аn Sріеlеn,
    dаruntеr fіndеn Sіе sо bеrühmtе Sріеlе wіе Вlасkjасk, Rоulеttе, Stесkрlätzе und vіеlеs mеhr.

    Jеdе Рlаttfоrm stеht Іhnеn nасh Rеgіstrіеrung zur Vеrfügung.
    Mаn kаnn dіrеkt іm Вrоwsеr оdеr аuf dеm Mоbіlgеrät sріеlеn. Аllе Еіnsätzе wеrdеn mіt VІР-Рunktеn bеlоhnt.
    С-Rеwаrds vеrеіnt Саsіnоs Оnlіnе mіt untеrsсhіеdlісhеn Nаmеn.

    References:
    https://online-spielhallen.de/umfassende-cocoa-casino-bewertung-meine-erfahrungen-als-spieler/

    Reply

  5. Enter your registered email or username and your password to complete the Fair Go Casino login.
    Whether you sign in on mobile or desktop, your credentials are protected by
    advanced TLS encryption, device‑level safeguards,
    and layered fraud controls. We’re here all
    day, every day, and we genuinely want you to
    have a good time. Come on in, have a look around,
    try some games. Here, if we say 100% bonus, you get 100% bonus.

    Sign up with Fair Go Casino today and experience the thrill of winning big
    while enjoying a fair and reliable gaming environment. Here’s a closer look at what
    makes Fair Go Casino the ultimate online casino destination for Australians.
    Consistency helps build a rhythm — one where support doesn’t second-guess your plays,
    and autopilot payouts become normal. Loads of promos drop after login — from
    surprise play chips to sneaky cashback boosts.
    If you’re tilted from a bad session, logging in during that spiral leads to dumb
    deposits and reckless spins.

    References:
    https://blackcoin.co/comprehensive-guide-to-online-casino-play/

    Reply

  6. Going forward, you will want to use your Crown Rewards card on everything that you can, every time you
    go, even if you are not parking there. The location of this
    car park may be less convenient for those heading towards the city,
    but the amount you can save on Crown parking costs is worth the extra few minutes walk.
    Crown Melbourne is quickly becoming one of my favourite parking spots near my
    office for days when I can’t find anything cheap or free nearby.

    FERS has been the Senate’s retirement system since January 1, 1987,
    while CSRS applies only for those senators who were in the Senate from December 31, 1986, and
    prior. In 2003, at least 40 senators were millionaires; by 2018, over 50
    senators were millionaires, partly due to inflation. The Constitution requires that senators take
    an oath or affirmation to support the Constitution. Class II comprises senators whose six-year
    terms are set to expire on January 3, 2027. This was
    achieved by dividing the senators of the 1st Congress into
    thirds (called classes), where the terms of
    one-third expired after two years, the terms of another third expired after four, and the
    terms of the last third expired after six years.

    The annual salary of each senator, since 2009, is $174,000; the president pro tempore and party leaders receive $193,400.
    A senator elected in a special election takes office as soon as possible after the election and serves until the original six-year term expires (i.e.
    not for a full-term). By the early years of
    the 20th century, the legislatures of as many as 29 states had provided for popular election of
    senators by referendums. Originally, senators were selected by the state legislatures,
    not by popular elections.

    References:
    https://blackcoin.co/video-poker-rules-progressive-jackpot/

    Reply

  7. We know that getting your hands on the right deposit codes is difficult as
    most sites do not deliver what they promise. Have a look at the list of all no deposit bonus offers for you.
    Our experts carefully collect information about all Australian casino bonuses and
    pick the best ones, which can be found in our article.
    But don’t worry – Casinority helps search for Australian casino no
    deposit bonus codes. For these reasons, most players skip finding
    these no deposit codes.
    Now it’s time to find the perfect instant payout casino in Australia.
    However, while some casinos use the 24-hour limit, some pay
    much faster. As promising as this offer is, it is a challenging
    deal for all players. Playing in a fast payout casino guarantees you a sure chance of getting your winnings whenever you want them
    out of your gambling wallet. Always verify
    the legal status of online gambling in your region before engaging with
    any operator. Please be aware that online gambling is restricted under Australian law, and these
    platforms are not authorized by local Australian regulators.

    Since the very onset, it has been used for paying in online shops,
    transactions between businesses and individuals. In just a few months,
    PayPal was purchased by eBay and became the payment service used
    by most eBay users. In March 2000, Confinity merged with X.com, an online banking company founded by Elon Musk.

    Yes, because Bitcoin itself is secure as a payment system.
    If you’re searching for an awesome Bitcoin casino in Australia, this list will be perfect for you.

    Bitcoin gambling in Australia will be made easy with this expert review.

    References:
    https://blackcoin.co/free-online-slots-play-the-best-free-slots/

    Reply

Leave a Comment