Pratap Singh, a senior bureaucrat and Principal Commissioner of Income Tax offered a glowing analysis of the Union Budget 2024, calling it a “futuristic, growth-oriented, and holistic” plan that lays the groundwork for a thriving India – a Vikasit Bharat.
He is a respected figure within the Indian Revenue Service (IRS), highlighted the budget’s focus on nine key areas, including employment, skilling, MSMEs, and the middle class. He applauded the government’s commitment to:
- Boosting Productivity and Growth: The budget prioritizes sectors crucial for India’s economic engine, like agriculture and manufacturing.
- Empowering the Workforce: Initiatives promoting skilling and employment generation will create new opportunities and fuel growth.
- Building a Strong Infrastructure: Investments in infrastructure will enhance connectivity and create a robust foundation for future development.
- Fostering Innovation: The budget emphasizes research and development, crucial for India’s technological advancement.
He praised the budget’s inclusivity, offering relief to the middle class through an increased standard deduction and revised tax slabs. He also welcomed the abolition of the angel tax and equalization levy, measures that incentivize investment. The reduction in corporate tax rates for foreign companies was seen as a step towards attracting foreign investment.
He lauded the government’s commitment to fiscal discipline by aiming to limit the fiscal deficit to 4.9% of the GDP. He considered the Vivad se Vishwas Scheme, designed to settle tax disputes, a significant move towards streamlining the tax system.
Overall, he viewed the Union Budget 2024 as a balanced and growth-oriented roadmap, paving the way for a more prosperous and inclusive Vikasit Bharat.
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