Anand Mahindra 'Pleased' With Interim Budget 2024; Here's Why
The Budget is not necessarily the occasion for transformational policy announcements. Those can, and should, happen throughout the year, according to the Mahindra Group Chairman
Minutes after Finance Minister Nirmala Sitharaman delivered her budget speech, Mahindra Group Chairman Anand Mahindra on Thursday said he was "pleased with today’s budget."
"For many years, I have been saying that we create too much drama around the budget and raise expectations of policy announcements to an unrealistically feverish pitch," Mahindra said in a post on X.
The Budget is not necessarily the occasion for transformational policy announcements. Those can, and should, happen throughout the year, according to the Mahindra Group Chairman
Mahindra said that just as it is for all private households, the Budget is an opportunity to plan our finances prudently and with fiscal rectitude.
"The more we are focussed on living within our means and investing for a robust but sustainable future, the more confidence we will gain with global investors," he said.
"Which is why I was pleased with today’s budget," he wrote.
Here are some of the other points mentioned by Anand Mahindra in his X post:
It was one of the shortest speeches -- Brevity that is welcome and which communicates quiet confidence.
No populistic measures were announced as has traditionally been expected in pre-election budgets. A welcome, and I hope, permanent approach!
The fiscal deficit target was better than envisaged. Prudence scored a decisive victory!
No major Tax and duty changes were announced. Businesses place a high value on stability and predictability and that was evident in this budget.
"The really good news was the higher Tax to GDP ratio which has long been hoped for and which cements a strong foundation for fiscal flexibility and aggressive expenditure when it is needed. The FM can and should trumpet this more loudly…," Mahindra said.
"Now, we can focus on getting back to work and executing our plans efficiently while crossing the ‘Setu’ to a more prosperous India," he concluded.
Interim Union Budget 2024
Presenting a vote on account or an interim budget for 2024-25, FM Sitharaman proposed no changes in income tax rates for individuals and corporates, as well as customs duty.
In less than an hour-long budget speech, she presented the Modi government's achievements in the last 10 years that transformed India from being a 'fragile' economy to the world's fastest-growing major economy.
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(With PTI inputs)
