India, Jan. 31 -- The first budget of the third term of the National Democratic Alliance government, led by Prime Minister Narendra Modi, was presented in July 2024. It laid out the roadmap for Viksit Bharat, an ambitious mission to make India a developed nation by 2047, the centenary year of the country's independence. This mission involves stepping up manufacturing capacity, providing employers with incentives to create additional jobs, and driving improvements across all social indicators.

The finance minister also announced a slew of tax measures, offering relief to some taxpayers while raising the tax liability for others. Among the most welcome measures was the abolition of the angel tax, giving relief to investors in start-up busi...