The Finance Minister articulated the vision for the country in the medium term, rather than giving an income versus expenditure account statement, which has been the norm. On that count, it was a good Budget exercise and well-articulated. The finance minister has addressed current issues facing the nation, primarily the banking crisis, though the allocation may be insufficient towards the second half of the year, it is an indication that the government wants to address the issue. Her commitment to support NBFCs is also a good move. There are announcements for rural and urban India, in terms of infrastructure creation and planned investment of Rs 100 trillion in the next five years in infrastructure.
The only doubt at this point is how the arithmetic will work out. The intention is good. The Budget’s emphasis on Make in India by removing some special waivers that were in place will support domestic manufacturing in the case of electric vehicles. On labour laws, we would want the government to be progressive while drafting the new labour codes. The Budget will help improve liquidity from domestic banks, making more funds available to companies to invest. It will give a fillip to private investments. I do not expect immediate change in the capital goods segment; an improvement is likely only once the available capacity is fully utilised, which is a year away from now.