Union Budget Gets A Thumbs-up
America’s roads are not good because America is rich, but America is rich because American roads are good — Former US President John F. Kennedy
Dear Reader,
The past fortnight has been eventful for the Indian economy. Union Finance Minister Nirmala Sitharaman’s Budget for the year 2023-24 has been widely hailed. I see both continuity as well as change in Ms Sitharaman’s Budget. She has kept up the momentum on boosting infrastructure —which has been a key governance plank of the Narendra Modi government.
With an infrastructure comparable to that of high-income category countries, the country’s economic ambitions soar. It has a multiplier effect on job creation and overall economic health. However, it's the government that has been making investments in infrastructure. It’s hoped that the private sector, too, would play its part.
However, if I were, to sum up the Union Budget, the word WARM could very well explain its key thrust areas. The Budget has a lot for Women, Agriculture, Rural India and MSMEs. Its inclusive nature, while it aims to achieve fiscal consolidation, raise capex and also assuage middle class concerns, is one of the reasons why it has been hailed widely.
In our special issue, Kiran Mazumdar-Shaw, Rakesh Bharti Mittal are among the India Inc leaders who analyse the Budget, while V. Vaidyanathan shares his perception of Union Budgets over the last few years.
The last fortnight has been newsy for two other reasons. One, the country has witnessed a storm of sorts over Adani stocks in the wake of a US shortseller’s report, raising concerns about the regulatory framework, among other things. Two, there have been large-scale layoffs, especially in the IT majors in the US, which has had an impact in India too, with long-term repercussions.
In our Budget special, we also bring you special features on these two subjects as well.
This special issue of BW Businessworld has all other special features and columns.
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Happy reading!
