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Below is Quote On Post Budget Reaction Mr. Sumit Chanda, Founder and CEO, JARVIS Invest

Economy: FM has presented a fairly balanced budget, by providing an impetus to capex, infrastructure development and also boosting consumption. All this while also ensuring India remains firm on the path of fiscal consolidation and no negative surprises on the LTCG front. The government has recognized the needs of the economy and provided a boost to economic growth, ensure more job creation, relief to the common man as well as impetus to the startup industry.

Budget 2023 focused on boosting capex, consumption and also remained firm on the path of fiscal prudence by reiterating the commitment towards fiscal deficit of below 4.5% by 2025-26. All this will be largely positive for India equity markets and further enhance India economy standing globally. No negative surprises on the LTCG tax is also a big relief for equity investors and provides stability of tax regime for FIIs.

The record increase in digital payments is supported by highest fintech adoption in India at 87% and we believe that the expansion of scope of documents for DigiLocker will bring transparency and efficiency in e-Governance across industries. In an excellent move to make states accountable for the money they receive, the fiscal deficit that states are now allowed to sustain is 3.5% and will encourage better use of the capex. The budget further provides great emphasis on skill development and ease of doing business.

AI & Startups: FM has also acknowledged and rightly set the agenda for a ‘Tech and Knowledge-driven’ India. The move to set up three centres of excellence for AI will be very effective, as it will further boost Innovation for new products/services, and acceptance of new technologies. Pradhan Mantri Kaushal Vikash Yojana, will go a long way to skill youth on jobs relating to AI, coding, robotics, Industry 4.0, and other new technologies thus providing a solution to current talent crunch in the country. Make AI in India initiative will also boost startups in India working with AI and will encourage more investors to accept and adopt the new technology – this is a further encouragement for startups like us in the field of AI. Gauging the need for strong data security and governance, National Data Governance Policy for startups will be recieved positively by the industry as well as the end consumers and will only promote a more robust data ecosystem.

Personal Tax and Equity markets: The reduction in the tax slabs and tax rates under the New Income tax regime will go a long way to enhance savings of the Indian middle class. The budget also provided some relief to the HNIs and the highest taxpayers with the surcharge reducing from 37% to 25% in the new regime giving the citizens higher consumer spending power that will drive the growth of the economy.

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