Budget 2024 debate: Neil Parekh Nimil Rajnikant on well-balanced and prudent Budget

Budget 2024 is well-balanced and prudent and directly confronts the reality that cost-of-living pressures exist for individuals, while rising costs for businesses are a major challenge, said NMP Neil Parekh Nimil Rajnikant. Speaking in Parliament on Tuesday (Feb 27), he pointed out that the Budget balances these two issues while reducing the risk of overheating the economy and increasing inflation. He believes the Budget will give businesses the necessary confidence to expedite their capital investment plans, which in turn would lead to economic growth and create high value jobs. Mr Parekh highlighted the “significant increase” in benefits for individuals and companies without any new tax increases and short-term deficit financing. He said maintaining fiscal discipline and protecting Singapore’s reserves are paramount in what is likely to be a decade or two of rapid changes in the global economic environment. He added that the business community welcomes many of the initiatives in the Budget.