May 29, 2024

Budget Reaction | N Chandrasekaran, Chairman, Tata Sons | FY’24: A smart budget in challenging times

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Given the challenging macro backdrop of slowing global growth and tightened financial conditions, Finance Minister has aptly prioritized growth.

I welcome the move to more productive expenditure, budgeting capital spending of Rs 10 lakh crore—a 33% increase over the previous year and the highest in the past two decades as a share of GDP. At the same time, the revision of income tax slabs under the new tax regime should increase purchasing power for many. Loan guarantees and other assistance toward MSMEs, a focus on tourism, and measures announced for the care economy (like new nursing colleges) will boost job creation. The budget also remains committed to shared prosperity by extending the free food scheme for one more year.

This budget shows not only the kind of policy support that is necessary for the economy at this moment but also strengthens the strategic foundations for our long-term growth. We are witnessing three major transformations globally: rapid digital adoption, the rebalancing of supply chains, and environmental sustainability.  This budget helps position India to play a leading role in all three transformations

– N Chandrasekaran, Chairman, Tata Sons