Jamshedpur: Noted businessman Sunil Bagrodia said that the Union Budget presented by Finance Minister Nirmala Sitharaman began on a notably positive and forward-looking note, with several announcements aimed at strengthening India’s long-term economic foundation. Key measures such as proposed GST reforms, enhanced support for MSMEs, and major investments in container manufacturing, sports goods, biogas production, freight corridors, seven new high-speed rail corridors, and tourism development are expected to play a crucial role in accelerating the country’s overall growth trajectory.
Additionally, the reduction in import duties on items related to seven critical diseases reflects a welcome focus on public health and affordability. These initiatives collectively underline the government’s intent to build resilient infrastructure and promote sectoral expansion over the coming years.
He went on to add that however, the budget falls short in addressing immediate concerns of the common citizen. The absence of any relief in income tax rates offers little respite to the middle class, while the increase in the Securities Transaction Tax (STT) from 0.02 per cent to 0.05 per cent may adversely impact small and retail investors. Moreover, the lack of any special development package or targeted schemes for mineral-rich Jharkhand has led to disappointment among stakeholders in the state.
Overall, while the budget is robust, ambitious and visionary from a long-term perspective, it does not adequately cater to short-term expectations and immediate economic pressures faced by the general public. On balance, the budget merits a score of 6 out of 10.
