“The key announcements around the MSME sector are likely to help the self-employed and small businesses. High focus on firming up digital infrastructure and capital expenditure will have a snowballing effect on employment generation and new business opportunities. Also, the Union Budget has given freedom of choice to the salaried class and professionals by making the new tax-regime as the default and increasing the taxable slab above Rs 7 lakh, and proposing to reduce the highest surcharge rate from 37% to 25% under the new tax regime. In my view, these measures will go a long way in sustaining the `India growth story’ by increasing the momentum in private consumption, which incidentally contributes to approximately 60% of the GDP and its growth, by ringing in fresh demand in the economy. On the other hand, it may also lead to a higher household savings rate in financial assets, which is very important for sustaining the overall economic growth of the country.”
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