View: It’s a budget that drives country forward with a purpose

This budget is more than a declaration of intent-it’s one with heart, mind, and soul that drives India forward with purpose. It’s anchored by four key engines-consumption, investment, simplification, and innovation-each aimed at driving inclusive development. The budget packs in more proposals and greater diversity than ever before, with a simplified tax regime, which can be a force multiplier. This presents forward-thinking strategies and keeps us on a glide path of macroeconomic stability, reflected in a declining fiscal deficit of 4.4%.Consumption: Boosting Demand and Empowering Citizens
While many anticipated only modest tax relief for the middle class – the FM has surprised all by delivering a ₹1 lakh crore impact, increasing disposable income to drive consumption. Supplementing this, are measures to boost agricultural productivity and resilience. Reinforcing a holistic focus on inclusive development, the budget also supports air travel to 120 regional towns for 40 million passengers, lowers customs duties on life-saving medicines, ensures financial security for gig workers, and reduces withholding taxes for senior citizens. These initiatives reflect a commitment to enhancing both economic vitality and the personal well-being of the citizens.Investment: Driving Growth and Infrastructure Development
The proposals seek to power India’s GDP to its next trillion dollars. Reduced import duties on semiconductor components and the National Manufacturing Mission, encourage greater domestic production. While a new framework for GCCs in tier-2 cities cements India’s position as a digital powerhouse, tourism emerges as a key employment engine. Tax exemptions for sovereign wealth funds could unlock $35 billion in infrastructure financing over the five-year period, and the Jan Vishwas 2.0 Bill-supported by an investment-friendly index of states and higher FDI limits in insurance-enables a more business-friendly environment, ensuring that India remains an attractive destination for capital to fuel its growth.

Simplification: Reducing Red Tape and Enhancing Business Climate

Adopting a “trust first, scrutinise later” philosophy, the budget emphasises rolling back unnecessary regulations and red tape with a streamlined direct-tax code that is 50% lighter in content. Truly welcome! Long-term policymaking is evident through extended tax holidays for startups and provisions for international financial services centres-offering long-sought predictability to investors. Dispute resolution receives due attention with safe harbour provisions for non-residents in electronics manufacturing, expanded transfer pricing frameworks, and a simplified structure for investment funds in IFSC.
Innovation: Building the Future Through Technology and Education
The budget strongly emphasises fostering innovation through technology and education. Key initiatives include the establishment of five National COEs for skilling, the creation of 50,000 Atal tinkering labs, and the launch of an AI COE for education. Additionally, a new fund of ₹10,000 crore will be set up to support startups. By simplifying processes and enabling a high-trust environment, it unlocks entrepreneurial potential, positioning us for leadership on the global stage. This budget balances the immediate economic imperative and long-term growth in line with our 2047 ambition of a Viksit Bharat.