Union Budget 2024: Short and Sweet Says Mr. Amar Ambani, Yes Securities
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Below is Post Budget Quote By Mr. Amar Ambani, Group President and Head- Institutional Equities, YES SECURITIES
“In her shortest budget speech that lasted 87 minutes, the sweet spot, without doubt, was the capex intensity budgeted by the Finance Minister. Spurred by a tax bonanza, thanks to formalization of the economy and inflation, the FM accelerated the capex run-rate. Apart from the central investment, states have been allocated a higher share of money with incentives in place to generate a higher spend on capex.
Even though this was the last budget before elections, it’s not been a populist one, with total expenditure estimated to rise by just 9% yoy. This is justified as a large part of spending and expenditure growth took place during the two years of Covid. Subsidies too have been cut after a big rise in last couple of years.
On the fiscal front, the deficit numbers are in line with our expectations for FY23 as well as the target for FY24. With formalization of the economy, we are upbeat on continuance in tax buoyancy and given the present intent on careful expansion in revenue expenditure, it is possible to walk on the FRBM roadmap.”
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