The finance minister has done well to stick to the path of fiscal consolidation, but whether people will move to new default tax regime will depend on some factors
It has been clear for some time that the 2023-24 Union Budget was not going to be a pre-election exercise. The fiscal consolidation that was hard fought over the past few years was not going to be flung away for some imagined gains at the poll hustings. True to form, the Union finance minister has managed to pull off a rare feat — of pushing the pedal on capital spends, reining in the fiscal deficit to 5.9% of the Gross Domestic Product (GDP) for fiscal year (FY) 24, yet creating a buzz among the salaried class about a potentially viable lower tax regime.
