With few growth levers and new spending compulsions, a constrained government went for the lone bright spot: the stock market.
Budget 2024-25 had a lot riding on it. The fiscal year 2023-24 had finished well with revenues ahead of plan and expenses behind. Then, there was the late windfall from the Reserve Bank of India, which transferred a record surplus of Rs 2,10,000 crore to the central government’s kitty.
So, expectations ran high of a consumption stimulus, cash transfers to people who needed them, cuts in personal income tax, and steps to end the funk in private investment.
Sadly, there wasn’t much on any of these counts.
That said, budgets are known to belie expectations, with people taking this in …
Ujval leads our Business vertical at The Morning Context. In a corporate career spanning 14 years, he has worked across startups, consulting firms, multinational corporations and large Indian companies, including India Infoline, ICICI, KPMG, Tata Steel and Jubilant Pharma. Ujval has been a freelance writer and trainer for eight years, with bylines in Forbes India and The Economic Times.
Editor, Business
ujval@mailtmc.com
Pune