Despite the negative global headwinds, the Indian economy has shown resilience due to its strong macroeconomic fundamentals on account of structural reforms. Further, investments have been robust, average real income of the people has increased by 50% and inflation is moderate. India has become the fastest growing economy among G20 countries and is currently the 5th largest economy globally.
In this backdrop of a strong growth economy, the Finance Minister presented the Interim Budget as elections are round the corner. The Interim Budget was along expected lines, with no “spectacular announcements” and a revalidation of the focus on infrastructure, Make in India and people welfare. The emphasis on inclusive development by focusing on four major pillars – poor, women, youth and farmer – was the strong point of this Budget.
A more detailed budget is expected in July after the General Election results are announced. Till then, this fiscally prudent yet optimistic Interim Budget sets a promising trajectory for the country’s sustainable growth and paints an optimistic picture of Vibrant Bharat.