IGI Logo

Below the quote on Interim Budget 2024 by Mr. Navneet Munot, MD & CEO, HDFC Asset Management Co. Ltd.

In the words of Mahatma Gandhi, "the true measure of any society can be found in how it treats its most vulnerable". And Government by its focus on “GYAN” – Gareeb (Poor), Youth, Annadata (Farmers) and Naari (Women) has targeted to achieve exactly that.  

The budget gets full marks for Credibility of numbers, Continuity on structural reforms and Conviction of building a developed economy in a highly sustainable and equitable manner. The conviction is commendable despite a challenging global backdrop.   

The focus has shifted on quality rather than quantity of spending, on outcome rather than outlays. There is an unwavering focus on building world-class infrastructure – physical, digital as well as social.  Social welfare received targeted attention for enhanced quality outcomes. A distinct highlight was creation of an Innovation fund to foster a self-reliant, knowledge-based economy.  

While the interim budget was only a vote-on-account, a procedural necessity pending elections, the finance minister not only injected enough Cash to support growth (particularly Infrastructure) but also infused great Confidence in each section of society to gear up for building a Viksit Bharat in this Amrit Kaal. 

Commitment on fiscal consolidation and focus on supply augmentation bolster macro-economic stability and spell good news for bond markets and debt mutual funds. In equity markets, long term investors will take the budget positively while the near-term direction will depend on global cues, incoming data and earnings trajectory.

Above views are of the author and not of the website kindly read disclaimer