Union Budget - 2023-24 : Fiscal Prudence with focus on Rural and Infra Says Religare Broking
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The most awaited number from the budget 2023 was the fiscal deficit number and the finance minister stuck to the much anticipated figure of 5.9% for FY24. Deficit for FY23 is at 6.4%. Announcements pertaining to state governments’ deficit have also been received positively by the house. This budget has addressed the pain points of this economy which has been the rural space. Infact, the finance minister categorically mentioned reviving the rural economy is the governments ‘priority number one’.
Infrastructure is the backbone of any economy and increase of allocation from Rs. 7.5 lakh Cr to Rs. 10.0 lakh Cr in this budget is a big positive as well. There was a meaningful allocation of funds towards tourism, agriculture and green growth. Amendments in Banking and RBI Act to empower SEBI to protect and educate investors are important steps for the capital markets.
On taxation the balancing act in indirect taxes and relief to salaried individuals by making the new tax regime more attractive was positive. Overall we believe that the finance ministry has done a balancing act to tick most of the possible boxes without tinkering with fiscal deficit.
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