Advertisment

Middle class gets a break, India bets on digital future in new budget: Shrenik Gandhi

The increased disposable income resulting from the tax break is expected to boost spending, which in turn will stimulate businesses and strengthen the overall economy. Gandhi, Co-founder and CEO of White Rivers Media, sees this as a "win-win" situation

author-image
BestMediaInfo Bureau
Updated On
New Update
Shrenik Gandhi 1
Listen to this article
0.75x 1x 1.5x
00:00 / 00:00

New Delhi: The Indian middle class has long felt overlooked in budget announcements, but this year's budget has delivered a welcome surprise, according to Shrenik Gandhi, Co-founder and CEO of White Rivers Media. Gandhi hails the increase in the tax exemption limit to Rs 12 lakh as a "game-changer" that will significantly benefit millions of salaried professionals.

"For years, the middle class has been like that student who studies hard but rarely gets a gold star in the Budget," Gandhi commented. "This time, the government has finally handed them a well-deserved reward!"

Individuals earning up to Rs 12 lakh annually will not have to pay any income tax under the new tax regime as Finance Minister Nirmala Sitharaman on Saturday gave relief to the middle class by raising exemption limits and rejigging slabs.

The increased disposable income resulting from the tax break is expected to boost spending, which in turn will stimulate businesses and strengthen the overall economy. Gandhi sees this as a "win-win" situation.

Beyond immediate relief for the middle class, the budget also focuses on long-term growth, particularly in the digital sector. Gandhi highlighted the increased investments in artificial intelligence, digital skilling, and startup growth as key indicators of India's commitment to becoming a global digital powerhouse. These initiatives, he believes, will not only foster entrepreneurship but also prepare the workforce for the future of the economy.

Key announcements for the technology sector include the introduction of a dedicated Fund of Funds (FoF) for DeepTech startups, along with a commitment of Rs 20,000 crore to drive private sector innovation. 

Sitharaman also highlighted plans to establish 10,000 tech research fellowships at IITs and IISc over the next five years, alongside expanding the Fund of Funds for Startups (FFS) with a Rs 10,000 crore increase. 

Additionally, the budget outlines the creation of five National Centres of Excellence for Skilling and the promotion of global capability centres (GCCs) in tier-2 cities, reflecting a strategic focus on empowering innovation across the country. 

"This Budget isn’t just about relief; it’s about building the future," Gandhi emphasised. He noted the balanced approach of the budget, addressing both the immediate needs of the middle class with tax relief and laying the groundwork for future economic expansion through investments in digital technologies. "A tax break today, a stronger digital economy tomorrow—this Budget is balancing immediate relief with long-term progress!"

budget Shrenik Gandhi consumption White Rivers Media
Advertisment