Mumbai: Mahindra Group Chairman Anand Mahindra took to social media to laud the Interim Budget presented by Finance Minister Nirmala Sitharaman on Thursday.
In a post on X, Mahindra said that the buzz around the budget sets in unrealistically high expectations, adding that the Budget is not always time for announcements of big policy changes.
Union Finance Minister Nirmala Sitharaman presented an interim national election year budget of no disruption keeping tax slabs unchanged, focusing on inclusivity, continued economic reforms, and listing the achievements of the NDA in the past ten years while refraining from any new populist announcement.
Mahindra said big policy can and should happen at other times of the year in contrast to the popular expectation that the government would announce a big shift in policy or introduce new ones.
For many years, I have been saying that we create too much drama around the budget and raise expectations of policy announcements to an unrealistically feverish pitch, Mahindra shared his thoughts in a tweet.
The Mahindra Group Chairman commended the finance minister for delivering a budget speech that is one of the shortest, describing it as brevity that is welcome and which communicates quiet confidence.
It was one of the shortest speeches- brevity that is welcome and which communicates quiet confidence. No populistic measures were announced as has traditionally been expected in pre-election budgets. A welcome, and I hope, permanent approach! The fiscal deficit target was better than envisaged. Prudence scored a decisive victory, said Mahindra.
For many years, I have been saying that we create too much drama around the budget and raise expectations of policy announcements to an unrealistically feverish pitch.
The Budget is NOT necessarily the occasion for transformational policy announcements. Those can, and should, pic.twitter.com/hfqxnw4IUa
anand mahindra (@anandmahindra) February 1, 2024
He applauded the lack of populist measures commonly seen in pre-election budgets, expressing optimism that this approach will become a lasting practice.
Mahindra praised the fiscal deficit target, which surpassed expectations, hailing it as a clear victory for prudent financial management.
He underscored the absence of significant tax and duty changes, acknowledging that businesses value stability and predictability, both of which were evident in this budget.
He especially praised the higher Tax-to-GDP ratio, a long-awaited development that establishes a strong foundation for fiscal flexibility and the ability to engage in aggressive expenditure when necessary.
The FM can and should trumpet this more loudly…, Mahindra urged the finance minister to highlight the accomplishment.
Mahindra expressed optimism, stating, Now, we can focus on getting back to work and executing our plans efficiently while crossing the Setu to a more prosperous India.
This morning, the finance minister presented the governments final Budget, categorized as an interim one, before the Lok Sabha elections.
Despite refraining from significant giveaways, the Budget raised the capital expenditure outlay to 11.1 percent, amounting to Rs 11.11 lakh crore. The government also outlined its commitment to decrease the fiscal deficit to 5.1 percent in 2024-25, down from the current 5.8 percent.
