Budget 2023 is by the playbook, says Rashesh Shah of Edelweiss Financial Services

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Edelweiss Financial Services chairman Rashesh Shah gave a thumbs up to the Union Budget 2023 present on February 1, saying it ticks every box in the playbook.

"Hardly anything bad in the budget but the decisions that I like the most are reduction in income tax, no tinkering with the long-term capital gains tax and a higher capex," Shah said.

The setting up of physical as well as digital infrastructure that the government tried to do with the Budget 2023 would be a major growth enabler for India in the coming times.

Catch up all live Budget 2023 updates here.

The Union Budget 20023 has planned a capital expenditure outlay of Rs 10 lakh crore, which is 33 percent higher than the previous time and way above the market expectations.

Finance Minister Nirmala Sitharaman also outlined the setting up of a national financial information registry (NFIR). The registry would serve as the central repository of financial and ancillary information, expected to  improve internal modalities and the functioning of fintech and data-led credit disbursement companies.

The NFIR will expand financial inclusion, a prime focus of the budget, and aid stronger credit facilities.

Apart from higher capital expenditure, a reduction in fiscal deficit and  spending on subsidies is also a major positive in the budget, Shah said.

Any slippage in growth from the current estimates due to high inflation and lower global growth was the only negative for India, Shah added.

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