Introduction
The Union Budget 2023 – 24 was expected to provide the
guard rails for the Indian Economy amidst a global slowdown, and to
avoid recessionary effects on the country. The Hon'ble Finance
Minister's speech to some extent delivers on this aspect. With
a slew of measures being proposed to push the growth story by
increasing capital expenditure spending, the Budget this year
focusses on 7 key areas viz., Inclusive Development, last mile
delivery, Infrastructure, Investments, Green Growth, Youth Power
and the Financial Sector.
While the capex initiatives are going to influence job creation
also, a major development on the direct tax front that can
potentially impact foreign investment into India, is on extending
the 'angel tax' provisions to non-resident investments as
well. While there have been no other bigbang changes on the
corporate tax front in terms of rates, some key positives include
extension of the tax holiday for start-ups, and the time
