“Under these circumstances, the FM has focussed on increased domestic consumption by focusing on inclusive growth. It is a welcome move for the Start-ups to have received attention especially so in agriculture”.
Coimbatore: CA G.Karthikeyan, President, of The Start Up Academy has said “The 2023-24 budget is presented in the backdrop of slowdown in European Union and sluggish USA market though Indian economy is not facing any major challenge”.
He said “Global inflationary trends pose a challenge to Indian exports as well. India has a CAD of USD 35 Billion and a trade deficit of USD 83.5 Billion – the highest ever”.
“Under these circumstances, the FM has focussed for increased domestic consumption by focusing on inclusive growth. It is a welcome move for the Start-ups to have received attention especially so in agriculture”.
“ Innovation is the need of the hour and is incentivized by the government. The extension of the tax holiday to March 2024 will benefit several start-ups. Entry level taxpayers have received a bonanza via the increase in exemption limit to Rs.7.00 lakhs under the new regime.”
“The surcharge of 37% is reduced to 25 % for those whose income is above Rs.5 cr. The upper middle class however do not have any impact in changes in tax rates nor slabs. Laudable efforts have been taken for job creation especially in allocation to infrastructure projects and airports to mitigate the current unemployment of 8.3% per CMIE.
It is a welcome move on skill development focussing 47 lakhs youth to get trained to be readily employable. Though a samadhan scheme was expected for the increased tax litigation (as high as Rs.16.8 lakh cr), deputing joint commissioners of income tax to resolve the pending appeals is a solace” Karthikeyan said.
“A reduction in the Productivity Linked Incentive threshold limit would have led to inclusion of MSMEs in that scheme and added to employment generation”.
“The Indian economy is the one bright spot in an otherwise drab world outlook. The IMF admitted as much in its World Economic Outlook report. With a growing job market amidst global recessionary trends, India is the cynosure of all eyes. As a result we have comparatively lesser challenges to worry about.
However inflation is a worry though it is back in the RBI mandated range. By & large the populace will continue to deal with inflationary pressures. Despite this, overall this budget may serve as a country wide clarion call to undertake activities that boost growth and prosperity at the micro and the macro level” Karthikeyan said.
He said “Global inflationary trends pose a challenge to Indian exports as well. India has a CAD of USD 35 Billion and a trade deficit of USD 83.5 Billion – the highest ever”.
“Under these circumstances, the FM has focussed for increased domestic consumption by focusing on inclusive growth. It is a welcome move for the Start-ups to have received attention especially so in agriculture”.
“ Innovation is the need of the hour and is incentivized by the government. The extension of the tax holiday to March 2024 will benefit several start-ups. Entry level taxpayers have received a bonanza via the increase in exemption limit to Rs.7.00 lakhs under the new regime.”
“The surcharge of 37% is reduced to 25 % for those whose income is above Rs.5 cr. The upper middle class however do not have any impact in changes in tax rates nor slabs. Laudable efforts have been taken for job creation especially in allocation to infrastructure projects and airports to mitigate the current unemployment of 8.3% per CMIE.
It is a welcome move on skill development focussing 47 lakhs youth to get trained to be readily employable. Though a samadhan scheme was expected for the increased tax litigation (as high as Rs.16.8 lakh cr), deputing joint commissioners of income tax to resolve the pending appeals is a solace” Karthikeyan said.
“A reduction in the Productivity Linked Incentive threshold limit would have led to inclusion of MSMEs in that scheme and added to employment generation”.
“The Indian economy is the one bright spot in an otherwise drab world outlook. The IMF admitted as much in its World Economic Outlook report. With a growing job market amidst global recessionary trends, India is the cynosure of all eyes. As a result we have comparatively lesser challenges to worry about.
However inflation is a worry though it is back in the RBI mandated range. By & large the populace will continue to deal with inflationary pressures. Despite this, overall this budget may serve as a country wide clarion call to undertake activities that boost growth and prosperity at the micro and the macro level” Karthikeyan said.