Finance minister Nirmala Sitharaman seems to have made all the right comments and announced a series of measures to cater to the needs and concerns of several sectors, according to Kris Gopalakrishnan, philanthropist and co-founder of Infosys. One who has been backing basic research is particularly delighted to see the budget have focus on reviving consumption by putting more money in the hands of the middle class and a focus on innovation.
“The emphasis in the budget seem right especially the focus on spurring consumption and on attempts to take the country on the path to innovation and building a culture of innovation, are absolutely right and needed for India at this stage,” says Gopalakrishnan.
Directionally, all the measures announced in the budget appear to be on the right path and meant to address the every possible need across the board – from spurring agricultural growth and productivity; rural prosperity and resilience; inclusive growth; impetus for manufacturing; supporting MSMEs; an eye on enabling employment-led development; focus on skilling; securing energy supplies; promoting exports; and nurturing innovation.
On the extent to which all of these will take India to the next level or make a huge material impact, much would depend on how the corporate sector chooses to respond and that will now alone design and frame the way we change and make our presence in the global markets.
While the government can provide some enablers but at the end of the day, it is what the private sector does that will play a crucial role. In this context, he points to the example of DeepSeek, a Chinese startup in China, which again is by a private sector.
Gopalakrishnan also points to the emphasis on fiscal prudence with a aim to look at fiscal consolidation.