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: The Budget for the current fiscal year is an inclusive, transparent and an honest one. Overall continuity in the allocation of public money is the focus for the finance minister.
The focus on infrastructure development has been one of the main planks for the government's short-term support, as well as, long-term strategy for the economy. Thus increased allocation to physical infrastructure forms a part of the fiscal stimulus the government aims to provide this year and is a step in the right direction. The government has also incentivised the banking system to lend more to the infrastructure sector by providing 60% refinancing of commercial bank loans through IIFCL over the next one and a half years.
It aims to administer some stimulus by shoring up private consumption. A tax relief to individuals through removal of 10% surcharge on personal income tax, higher exemption limits and the abolishment of FBT, should boost private consumption and consumer sentiment.
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