New Delhi, February 01, 2024.

Union Finance Minister Nirmala Sitharaman on Thursday unveiled the Modi government’s last budget before national elections, due by May.

Interim Budget evokes mixed response from Indian business community in Gulf India’s interim Budget for 2024-25 received mixed reactions from the Indian business community in the Gulf with some hailing it as forward-looking and a vision statement for

for the journey from developing to a developed country by 2047 while others voiced disappointment over the absence of tax reliefs for individuals. Presenting a vote on account for 2024-25 in Parliament, Finance Minister Nirmala Sitharaman proposed

no changes in income tax rates for individuals and corporations, as well as customs duty.

Paritosh Kashyap, President & Head of Wholesale Banking Group, Kotak Mahindra Bank

“The budget’s strategic measures have not only solidified India’s status as one of the world’s fastest economy but also paved the way for rapid expansion, positioning the nation on a trajectory to reach $5- trillion mark. The advancements outlined will accentuate the remarkable ascent of India’s equity markets as a the fourth-largest, underscoring the resilience and potential of our economy and the landscape on the global stage. The measures announced have not only contributed to our economic resilience but have also addressed critical sectors such as real estate, logistics, GCCs and many others, which will lead to sustainable growth path. The holistic approach has also acted as a catalyst to foster financial inclusion and a cashless economy in our nation.”