“As India’s Finance Minister Nirmala Sitharaman presented the budget for FY 23-24, I felt it was an inclusive one with a focus on most sectors. The budget which seeks to lower India’s fiscal deficit, with a focus on digitalisation and incentives for investments to support an economy that is caught in the global slowdown along with the revision of income tax slabs, is a true testament to the government’s commitment to building a robust and inclusive economy.

The maximum tax rate has been reduced to 39% from 42.7% in the new tax regime. Under a few scenarios where you may not be availing of deductions, you may benefit from opting for the new tax regime due to its lower tax rates. However, the new regime will be by default but you can still go with the old regime by choice. Individuals having an income of up to ₹7 Lacs will pay zero tax with standard deductions under the new tax regime. Further, the highest surcharge rate has been reduced from 37% to 25% in the new regime.

I believe the new tax regime will help employees with substantial salary cuts. Additionally, people don’t have to make investments to avail of specified deductions. This can lead to liquidity where people can save more money and increase purchasing power. Focusing on financial stability excites me because of the government’s efforts to make conducting business easier. This budget is a positive start towards a better future and helps in building a more technologically advanced, financially inclusive, and self-reliant India. Moreover, the initiatives taken toward Digital infrastructure, AI, and ML technologies are commendable plus Cybersecurity has been a continuous challenge area in India and the National Data Governance policy is a great start.”