Union Finance Minister Nirmala Sitharaman presented the interim Budget in Parliament, introducing the new ‘GDP’ formula for the government’s vision of a ‘Viksit Bharat’ (Developed India): Governance, Development, and Performance. She highlighted the government’s effective management of the economy and significant improvement in the standard of living. The budget focuses on sustainable tech with support for EVs and bio manufacturing. It also prioritizes city connectivity through Metro Rail and Namo Bharat projects, while emphasizing public transport and defence tech. The budget includes a Rs 1 lakh crore corpus and interest-free loan for tech-savvy youth, fostering research and innovation. There is an emphasis on creating a conducive environment for the semiconductor industry and positioning India as a global semiconductor hub. The budget aims for inclusive growth across sectors, including agriculture, finance, health, and diverse communities, promoting ‘Atma Nirbhar India’ and local manufacturing. It also supports the Start-up community and women entrepreneurs. However, there is a desire for more scalable changes in tax regimes.
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