The first full Budget of the Modi 3.0 Government, presented by the Hon’ble Finance Minister on 23 July, focused on providing support to sections of the society including the underprivileged, women, youth, and farmers, boosting employment across manufacturing and services, enhancing rural consumption, and key priority areas aimed at transforming India into a developed country by 2047 – the country’s 100th year of independence.
In her budgetary presentation, the Finance Minister’s announcements included simplification of FDI and ODI rules, a commitment to further reduce the fiscal deficit, and amendments related to the IFSC. The policy announcements and next generation reforms to accelerate digitalisation of the economy are expected to have a considerable effect on the BFSI sector.
To provide a quick insight into the proposed policies that would have an impact on businesses in the space, we have summarised the key proposals announced for the sector.
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