Mr. Manish Bansal, Director, Window Magic
In the 75th year of our Independence, the world recognized the Indian economy as a ‘bright star’. Our current year’s economic growth is estimated to be at 7 per cent. It is notable that this is the highest among all the major economies. This is in spite of the massive slowdown globally caused by Covid-19 and the war. The Indian economy is therefore on the right track, and despite a time of challenges, heading towards a bright future.
The MSME sector, which is still recuperating from the problems brought on by the epidemic, received much-needed attention in the budget. The new credit guarantee scheme will receive an infusion of INR 9,000 crore starting on April 1, 2023, which will significantly close the credit gap and improve loan access, opening the door for the nation to promote entrepreneurship.
A new tax regime has been introduced, which would help and support middle-class individuals which would boost a lot of spending and bring an overall positive impact on the growth of the economy.
The highest tax rate for Personal income tax is 42.74 per cent. This is among the highest in the world. Thus, it has been reduced from 37 per cent to 25 per cent in the new tax regime. This would result in the reduction of the maximum tax rate to 39 per cent.
It gives me immense pleasure to appreciate the government’s efforts since 2014, where they have ensured all citizens a better quality of living and a life of dignity. The per capita income has more than doubled to Rs. 1.97 Lakhs. Additionally, it is notable that the Indian economy has increased in size from being 10th to 5th largest in the world.