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Finance Minister Nirmala Sitharaman added that the Centre is confident of achieving the fiscal deficit target of 4.9 percent of the GDP for FY25 as well as the glide path set for 2025-26.
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The economist said that given that spending on infrastructure is capital-intensive, it may not lead to the creation of jobs. “If you really wanted to create jobs, you would spend money on health and education,” he added.
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Finance minister Nirmala Sitharaman raised long-term capital gains tax to 12.5 percent and short-term capital gains tax to 20 percent in Budget 2024-25.
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Economic Affairs Secretary Ajay Seth said that the strength of the Indian economy including its public finances, deserves a much better rating.
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Budget has set the ball rolling on new policy pitches that take cognisance of new areas that may require support to ensure resilient, sustainable and more equitable growth
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Slow creation of formal jobs has been India’s primary economic weakness. Addressing it was the budget’s underlying focus. Jobs will be the theme that will reverberate over the next five years
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The budget carries a futuristic tone, as it sets up the roadmap for long-term vision of developed economy. It has also laid the foundation to bring inclusive and sustainable growth trajectory
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The budget's theme resonates with the aspirations of a young nation and is also a strong start towards the goal to achieve fiscal deficit target of 4.9% of GDP for FY 24-25.
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The Centre, which owns a 45.48 percent stake, and LIC, with 49.24 percent, together plan to offload 60.7 percent of their holdings in in IDBI Bank
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Capex has perhaps peaked in this budget, but the thrust on employment has the potential for a jobs-linked incentive scheme
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Economists have been contending that the government adhering to fiscal path will lead to a ratings upgrade by one of the three global ratings concerned within the next 18-24 months
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India can fill the vacuum left by China if it emulates the strategy of double digit infra investment
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Budget bats for integration of databases
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The expected growth in GDP is the likely saviour for consumption stocks.
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Strong capital outlay for the infrastructure sector should provide enough revenue visibility particularly in the light of slowdown in the first three months of the current fiscal
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Budget announcement were positive for stocks from digital infra, leather, water, jewellery, solar, aqua sectors
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Allocations to production linked incentive schemes in FY25 rose to nearly Rs 12,500 crore
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Nandik Mallik broadly believes that fiscal prudence has been maintained and allocations made as per what markets had been sensitized to.
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From 2026-27 the government will endeavour to keep the fiscal deficit such that debt as a percentage of GDP will be on a declining path. Terming it as a new approach, the finance secretary said that the original 3 percent fiscal deficit target may not be relevant for today's fast growing Indian economy.
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Market participants see LTCG/STCG hike as a body blow or the right move, believe STT increase won't deter retail traders
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Budget 2024 achieves the monumental task of pointing the Indian economy in the right direction and offers many specific initiatives to propel us towards our collective destiny of a Viksit Bharat
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The government’s capex plans at Rs 11.11 trillion (as announced in the interim budget) reinstates the confidence of the equity markets in the infrastructure and economic capacity developments of the government.
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It is a growth-oriented budget and equity markets would quickly adjust to changes in taxation post the knee-jerk reaction today
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FM Sitharaman said that the PSUs have been giving high dividends on account of good growth
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Even as the FM announced a slew of measures to boost the economy, she did not lose focus on fiscal prudence and targeted a fiscal deficit of 4.9 percent of the GDP for 2024-25, significantly lower than the target of 5.1 percent pegged in the interim Budget.
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The announcements in Budget 2024 points to BJP-led NDA taking a major step in focusing on the employment challenge. The message from the Centre is clear, it has heard the voters
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Sticking to fiscal consolidation will help draw in private investment. To complement it, Budget 2024 could have resorted to ambitious privatisation and easing compliance burden
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While this is higher by 8.6 percent compared to FY23’s actual miscellaneous capital receipts of 46,035 crore, at Rs 50,000 crore of budgeted divestment receipts, the government seems to have toned down its estimates on this front by a huge margin.
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Lowering customs duty for specific products in the budget is carefully designed approach to promote domestic manufacturing
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The reliance on borrowings and other liabilities has also reduced in FY25
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Around 20 minutes into her speech, the Finance Minister began announcing a bouquet of schemes for Bihar and Andhra Pradesh, a slew of which were sought by the two main allies in meetings preceding her Budget 2024-25 speech.
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Budget 2024-25: It remains to be seen whether policy continuity, sans new reforms, will be sufficient to support elevated equity valuations
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Fiscal deficit target set at 4.9 percent for FY25, lower than 5.1 percent in the interim budget
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The Budget 2024 did not contain measures that could directly benefit consumer demand, preferring to invest in building blocks that could lead to future consumption opportunities
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From infrastructure spending to boosting consumption through tax cuts and support for domestic manufacturing, Budget 2024 delivered on several fronts for corporates.
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The entire food subsidy bill is set to be spent on the Pradhan Mantri Garib Kalyan Anna Yojana, which was extended by five years by the Union Cabinet in November 2023 at a total cost of nearly Rs 12 lakh crore.
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The reduction in customs duties on gold and silver to 6% is expected to stimulate retail demand and help mitigate smuggling issues in the world's second-largest bullion consumer.
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The central government has been rapidly reducing its fiscal deficit target after it ballooned to 9.2 percent in 2020-21 due to the coronavirus pandemic.
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Sabhnavis highlights the need for the government to reduce income tax rates or widen the income tax slabs, thereby increasing disposable income for individuals.
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Ahead of the budget announcement, the sole index winners were Nifty Realty and Nifty FMCG.
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High tax collections and a one-time bounty from the central bank place the FM in a very comfortable position
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Analysts predict that a key focus of the Budget will be enhancing rural income, which would indirectly stimulate demand for consumer durables.
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Finance Minister Nirmala Sitharaman announced support to develop Vishnupad Temple in Gaya and Mahabodhi Temple as tourist destinations.
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The growth in Broad Money (M3), excluding the impact of the merger of HDFC with HDFC Bank (with effect from 1 July 2023), was 11.2 per cent (YoY) as of 22 March 2024, compared to 9 percent a year ago, survey said
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Fiscal prudence can lead to a sovereign rating upgrade and lower bond yields, says Economic Survey
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Given India's climate commitments and the urgent need for action, the industry and experts hope that the Finance Minister announces incentives and policy measures to accelerate energy transition and clean energy adaptation.
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The twin advantages of capital formation, employment of private capital for longer term usage is a needed measure for the government to see a lighter load on itself to provide the same.
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The survey report was released on July 22, a day before the Union Budget.
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The pursuit of generating income from alternative sources and lower returns generated by traditional asset classes such as real estate and gold have facilitated the entry of Indian investors in the pandemic period, the Survey noted.
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The survey emphasised that the fall in POL exports could be attributed mainly to a decline in global petroleum product prices.
