Mysuru : The Union Budget presented by Finance Minister Nirmala Sitharaman has been described as a comprehensive effort to address pain points raised by the industry, agricultural sector, and the common man. While highlighting the efforts to balance competing priorities, experts have also pointed out critical areas where challenges remain.

Speaking on the budget Vishwaprasad Alva Managing Director of the Mysuru based Skanray technologies, remarked, “The notable aspect of this budget is that every pain point raised by industry, agriculture, and common citizens has been reviewed seriously, and attempts have been made to address them. However, our concerns regarding the execution of past schemes and fair disbursement of allocated funds remain valid. Execution is the toughest part, and I hope the government has devised a way to deploy funds efficiently.” Alva's services during the COVID-19 pandemic have been acknowledged at the national level.

A key observation was on the delicate trade-off between tax reduction and revenue generation. "In a developing economy like ours, reducing taxes could hinder our ability to compete globally. The success of any budget lies in improving tax collection and avoiding revenue seepage, all while ensuring honest businesses do not feel penalised. Easier said than done," the expert noted.

The budget’s inclusivity has been lauded, particularly for addressing pensions, social security, and healthcare for the elderly. However, the long-anticipated GST exemption on health insurance has been flagged as a missed opportunity.

On agriculture, the budget has given attention to the sector and agro-tech, though concerns about the scale and the challenge of ensuring measurable outcomes persist. “At last, there’s some focus on agriculture and agri-tech, but the scale is small, and delivering results in this space will be tough,” the expert observed.

The MSME sector and startups have welcomed the proposed boost in ease of doing business, regulatory simplifications, and support structures. “We can see a clear sign that the FM has her ears on the ground. The effort to support MSMEs and startups deserves appreciation,” the expert added.

However, gaps were identified in infrastructure and urban development, areas that did not receive the anticipated attention. “I didn’t see much focus on basic infrastructure, city development, river-linking projects, or large-scale funding. Perhaps I missed something or overlooked it in the broader framework,” the expert stated.

Summing up the budget, the expert remarked, “In the current transitional phase, marked by domestic and global uncertainties, the FM has done a commendable job of balancing priorities. We need to thank her for their hard work and hope to see success in execution. There’s always more in the detailed framework, and I look forward to seeing what emerges as we study the specifics.” Alva opined.