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Below the Quote on Budget Reaction by Mr Arun Poddar, CEO and Executive Director, Choice International Limited

"The Union Budget 2024-25 presents a balanced approach to stimulating economic growth while maintaining fiscal prudence. The government's commitment to reducing the fiscal deficit to 4.9% of GDP in 2024-25, down from 5.8% in the current year, signals a strong focus on macroeconomic stability. This fiscal consolidation path, coupled with the projected 8.2% GDP growth rate, creates a favourable environment for investments and economic expansion.

The budget's tax proposals are designed to boost disposable income and encourage savings. The increase in the standard deduction for salaried employees to Rs. 75,000 and the rationalization of capital gains tax, with a 12.5% rate on long-term gains for all assets, provide clarity and benefits for individual investors. For businesses, the abolition of angel tax for all classes of investors and the reduction of corporate tax for foreign companies to 35% are significant steps to attract investment. These measures, combined with the Rs. 11,11,111 crore allocation for infrastructure development, create a robust framework for economic growth and investment opportunities across sectors”

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