Union Budget Sparks Enthusiasm Among UK Business Community

The Union Budget presented by Indian Finance Minister Nirmala Sitharaman has been well-received by the UK business community, highlighting corporate tax reductions, fiscal deficit management, and measures to boost foreign direct investment. Experts believe these steps will enhance investor sentiment and foster the UK-India business corridor.

The Union Budget tabled by Finance Minister Nirmala Sitharaman has generated significant enthusiasm within the UK's business and investor communities. Key proposals included a reduction in the Corporate Tax rate for foreign companies from 40 to 35 per cent and the abolition of the 'Angel Tax'.

Experts highlighted the positive impact of India's fiscal deficit management, estimated at 4.9 per cent of GDP, and a robust 8.2 per cent growth in the previous financial year. These measures are expected to boost foreign investor sentiment towards the Indian economy.

Stakeholders from the UK business sector praised infrastructure and agricultural support, noting the specific benefits for cross-border investments. The simplification of foreign direct investment (FDI) rules and investment opportunities in infrastructure, healthcare, and digital services were also particularly lauded.

(With inputs from agencies.)