Finance & Economy

Post Budget Quote by Anand K Rathi, Co-founder, MIRA Money.

Published: February 2, 2023

It’s a budget that was on expected lines. The focus was on capital expenditure, especially on the execution and completion of infrastructure-related projects. The budget delivered that. Overall, it was a satisfactory budget on expected lines and is progressive.

Happy that the Government didn’t give in to the pressure from the middle class. Though there has been a revision in the income tax slabs for the salaried class, the income Tax regime needs a massive change. We need a clear rollout plan toward a simpler, more effective, and inclusive income tax regime.

 There should have been a mention of a plan for the development of ports. Many ports and connecting roads need a lot of work and simplification of the process. As a fast-growing economy, we needed a massive upgrade in the existing facilities.

Also, the budget didn’t announce any steps for the semiconductor industry. While we are yet to read the fine print, it would have helped if the budget could have allocated Rs.10,000 crores to the industry. There is a massive potential for Indian manufacturers to make use of this opportunity.

 The government is trying to make Section 80C obsolete with the new tax regime. I would have liked a phased rolldown of 80C. Many investors force themselves to save in ELSS and Term insurance. My concern is that under the new tax regime, this may lead to reduced individual savings. 80C could have been addressed.

Regarding the step towards a PAN card as a KYC, this is the right step forward. As such, Aadhar was linked to a PAN card; with this, the number of documents required for businesses and investing will decrease. As a next step, if a PAN card can be the primary document, it would make onboarding easier for individuals and corporates.”

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