Union Budget Sparks Excitement Among UK Investors

The Union Budget presented by Finance Minister Nirmala Sitharaman was met with enthusiasm by UK businesses and investors. Key highlights include the reduction in corporate tax rates for foreign companies and the abolition of the Angel Tax. Experts believe these measures will enhance foreign investor sentiment and boost the Indian economy.

The Union Budget tabled by Finance Minister Nirmala Sitharaman in the Lok Sabha on Tuesday has been received with much enthusiasm within the UK business and investor community, due to standout proposals such as the reduction in Corporate Tax rate for foreign companies from 40 to 35 percent and the abolition of the Angel Tax.

Announcements regarding India's fiscal deficit being on a downward trajectory, estimated at 4.9 percent of GDP for this financial year, were also highlighted by experts as measures to boost foreign investor sentiment towards the economy. The previous financial year's growth of 8.2 percent and efforts to create jobs and enhance skills likewise drew positive remarks from UK business and industry.

“Overall, I would say it's a positive Budget for the Indian economy. There have been some really positive measures, particularly on infrastructure and supporting the agricultural economy,” commented Anuj Chande, Partner and Head of the South Asia Group at Grant Thornton.