Budget very forward looking as a whole : ICC Director General

New Delhi, Feb 3 (Agency) “We stand amidst geo-political problems, recession, climate change etc. Thus the budget proposed for the current scenario can be considered as very forward looking as a whole,” opined Director General, Indian Chamber of Commerce (ICC) Dr. Rajeev Singh. The ICC conducted a Budget Analysis session to discuss and interpret the recently tabled union budget’s impact on both direct and indirect taxes on Thursday. Dr Singh, said “We stand amidst geo-political problems, recession, climate change etc. Thus the budget proposed for the current scenario can be considered as very forward looking as a whole. Our government has tried to focus on infrastructural development, green power and making the local markets more accessible.

The new taxation policy has called out several changes than the earlier years. This time our Chamber and audience is expecting to have a more polished economic situation and face the challenge rigidly.” Aditya Hans, Partner, Dhruva Advisors LLP, said “This time the budget has given a fiscal stimuli, focused on fiscal discipline and control in inflation but it might have a very less impact on the expected recession in 2023-24. The government has tried to implement several tax amendments encouraging investments to facilitate ease-of-doing business by improving the provisions in the business sectors, rationalisation of certain provisions and widening the tax space to allow people to have more money out of such taxation policy and providing tax certainty which has a very positive outlook for the economy.” “The budget lacked in clarity on the manufacturing sector. It has an impractical approach, which the government must keep a good eye on. I believe that the ICC will be taking the necessary initiatives to ideate this path to our government.

This ideology is with a belief that when we have provisions we must utilise it. The government is excited for startups, unicorn races and digital developments but that must not hinder the vital necessities of our country’s economy,” Hans said. Siddhartha Sanyal, Chief Economist, Head Research, Bandhan Bank, said “One primary aspect of this budget is after the reduction of Covid -the government and private organisations are now able to focus on long term policies. We could understand from the budget that words like development of infrastructure, green push, climate concerns and sustainability have been taken into consideration. The initiative also marks the improvement in the farming sector. Certainly, this budget can be considered as a balanced one, focusing on the broad structures and construction. The budget did not reflect any compulsion over the 2024 Lok Sabha elections and has brought a very balanced backdrop.” “It is believed to be ready to face the recession, if any, in the upcoming year. The budget highlights the fall of Global inflation and GDP growth is assumed to be 10.5 percent in the next fiscal year. Capex plans constructed by the government have positive assumptions as it immensely contributes to railways, ports transportation and especially infrastructural development. The Budget has mainly focused on the MISHTI scheme which allows states to invest in the poor areas and make efforts to develop the space. This budget can prove to be a balanced approach that will keep amending with time,” he added.