Shravan Shetty, Managing Director, Primus Partners, discussed the government's challenge of managing higher spending while keeping the fiscal deficit in check. He highlighted the limited potential for further growth in indirect tax collection, due to the impact of GST-driven industry formalization. He recommended enhancing the direct tax system by encouraging wider adoption of the new tax regime and improving compliance. He emphasized the opportunity to expand the taxpayer base, given that only 10.4 crore people currently pay taxes, thereby increasing direct tax revenue.