Below are Quote on Budget by Mr. Jimeet Modi, Founder & CEO Samco Group
Markets heaved a sigh of relief in absence of any major change in personal or corporate taxes and therefore reacted positively. Though the exuberance might be temporary but this budget is truly a right fit in times of a pandemic. The difficult times orchestrated by pandemic have been appropriately tackled by the divestment of two PSU banks and one insurance company along with a decent hike in market borrowings by the government to offset the slowdown in the economy. These initiatives would definitely enable the government to jump-start the economy and place it back on growth track. Additionally, the Government stuck to its path of elevated capex to accelerate growth and put money back in the hands of people through real asset creation in the economy rather than simply writing cheques to the citizens as done by the developed nations to support their slouching economy. Hon’ble FM also tried to tame the runway in commodity prices by tweaking customs duties and exemptions. All in all, the principal theme of Budget 2021 was definitely a capex and infra led budget which is positive for cement, heavy industries, insurance, PSUs and private sector banks who came out as prominent beneficiaries while autos and domestic electronics manufacturers prima facie appear to be at the back foot.
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