According to Rishi, the budget sets the economy on a long-term growth path through upskilling and easing unemployment. Skilled and employable manpower is essential for industrialization, and the government aims to leverage the power of both the private and public sectors to achieve this, he said.

“The abolition of the angel tax is a landmark decision for the start-up ecosystem in India. This was a much-needed course correction. This bold step will foster a more vibrant start-up ecosystem in India, leading to increased innovation, employment generation and competitiveness,” he said in response to a question.

Rishi said the government signaled policy continuity and focus on the infrastructure sector by continuing to allocate 3.4% of GDP. The spending plan was unchanged from the interim budget presented in February before the national elections. The government has doubled spending on infrastructure over the past three years as a way to boost the economy.