The budget balances the objective of boosting growth while adhering to fiscal prudence in the medium term, Zarin Daruwala, CEO, India, Standard Chartered Bank said.

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The measures to support the rural and underprivileged segments via direct income support for small and marginal farmers and tax relief for middle class are much needed and welcome.

The steps to provide impetus to the housing sector would have a multiplier effect on GDP growth given the sector’s significant economic linkages.

Overall, the budget is likely to boost domestic demand and support India’s economic outlook.