Mr. Manish Bansal, Director, Window Magic Post-Budget Reaction;
In the 75th year of our Independence, the world recognized the Indian economy as a ‘bright star’. Our current year’s economic growth is estimated to be at 7 percent. It is notable that this is the highest among all the major economies. This is in spite of the global slowdown caused by Covid-19 and the war. The Indian economy is therefore on the right track, and despite a time of challenges, heading towards a bright future.
The MSME sector, which is still recuperating from the problems brought on by the epidemic, received much-needed attention in the budget. The new credit guarantee scheme will receive an infusion of INR 9,000 crore starting on April 1, 2023, which will significantly close the credit gap and improve loan access, opening the door for the nation to promote entrepreneurship.
A new tax regime has been introduced, which would help and support middle-class individuals, boost a lot of spending, and bring an overall positive impact on the economy’s growth.
The highest tax rate for Personal income tax is 42.74 percent. This is among the highest in the world. Thus, it has been reduced from 37 percent to 25 percent in the new tax regime. This would result in the reduction of the maximum tax rate to 39 percent.
It gives me immense pleasure to appreciate the government’s efforts since 2014, where they have ensured all citizens a better quality of living and a life of dignity. The per capita income has more than doubled to Rs. 1.97 Lakhs. Additionally, it is notable that the Indian economy has increased from being 10th to 5th largest in the world.