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Will The Growth Gamble Pay Off?

Business Today

THE BIG SHOW

POLICY PRIORITIES • Over the past decade, the size of the Union government’s balance sheet has risen by more than 180% till 2025-26. In that period, the Prime Minister Narendra Modiled central government has prioritised core infrastructure, housing, and essential amenities such as sanitation and drinking water. Meanwhile, state governments, whose total expenditure jumped 205% during FY15-25, have focused on education, social security, and public health. Here’s some data

POLICY IN SYNC • Just days after the Union Budget, the Monetary Policy Committee of the RBI cut the repo rate by 25 basis points to boost to consumption demand. Will this spark a virtuous consumption cycle?

Trade, Tariffs, & Turmoil • Markets have been volatile since Donald Trump’s victory in the US, reflecting uncertainty about how his aggressive trade stance will reshape global supply chains

The Tide Turns • The focus of the government seems to have shifted in this Budget—from capex to boosting consumption. Markets are expected to follow suit

LEGACY CHALLENGED • India’s electric two-wheeler market is no longer a niche segment, but a battleground for both start-ups and legacy players

‘‘I started Biocon to prove people wrong” • Kiran Mazumdar-Shaw, Founder and Executive Chairperson of Biocon, on catching up with China, the right recruitment policies, and more

BUDGET • THE UNION BUDGET 2025-26 SAW A BOOST IN SECTORAL ALLOCATIONS. TAKE A LOOK AT SOME KEY FIGURES:

GROWTH DRIVER • With external uncertainties increasing, Finance Minister Nirmala Sitharaman has focussed on ramping up domestic manufacturing and investments and boosting consumption in Union Budget 2025-26. Will this latest gamble pay off?

A Very Well-Crafted Budget • The release of ₹1 lakh crore is a booster for consumption and savings, depending on how the taxpayer uses this benefit

“DEREGULATION WILL LEAD TO MORE EMPLOYMENT” • V. Anantha Nageswaran, Chief Economic Advisor, talks about chasing an 8% growth rate, deregulation, and other key topics in the Economic Survey 2024-25

A BONANZA FOR THE MIDDLE CLASS • THE GOVERNMENT INCREASED THE TAX EXEMPTION LIMIT TO ₹12 LAKH AND REVISED RATES LOWER UNDER THE NEW TAX REGIME IN THE BUDGET FOR FY26. WITH A NEW INCOME TAX BILL ON THE WAY, WHAT DO THE MEASURES MEAN FOR TAXPAYERS?

“TAX CUT TO PUT MONEY INTO PEOPLES’ HANDS” • Tuhin Kanta Pandey, Finance and Revenue Secretary, and Arunish Chawla, Secretary of DIPAM, explain the macro philosophy of the Budget

“6.4% IS A DECENT GROWTH RATE” • Ajay Seth, Secretary, Economic Affairs, and M. Nagaraju, Secretary, DFS, on the global background of the Budget and implications for the financial sector

“95-97% TAXPAYERS COULD SHIFT TO NEW REGIME” • Sanjay Kumar Agarwal, Chairman of the CBIC, and Ravi Agarwal, Chairman of the CBDT, on income tax rates, excise duties and more

A New, Equitable Tax Code • FM’s Budget speech earmarked ‘taxation’ as a dominant pillar to guide India through a reformatory phase

SHINING BRIGHT • INDIA’S MARCH TOWARDS ENERGY SECURITY GOT A BIG BOOST WITH THE GOVERNMENT’S FOCUS ON ROBUST POWER EXPANSION, A BALANCING ACT OF FOSSIL AND CLEAN ENERGY SECTORS, AND INCENTIVES FOR REFORMS

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Expect Private Investment Cycle To Pick Up • The government’s budgetary strategy focusses on modification and moderation, a fine balance between the long term and the short term

“FIIs WILL MAKE A COMEBACK, MAYBE THIS YEAR” • Veteran investor Madhusudan Kela, Founder of...