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02-02-2024 11:14 AM | Source: PR Agency
Post Budget Quote by Mr. Niraj Kumar, Future Generali India Life Insurance Company Ltd.

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Below the post-budget reactive quote from Mr. Niraj Kumar, Future Generali India Life Insurance Company Ltd.

 

“Budget 2024 is a Holistic Budget exemplifying fiscal prudence and encompassing all the imperative sectors despite electoral compulsions. This budget gives credence to government’s unwavering resolve to adhere to the fiscal consolidation glide path, especially after having delivered robust growth-oriented budget in the last 3 years. The vision under Vikasit Bharat by 2047 and top 4 priorities laid out with respect to empowering Poor, Women, Youth and Farmers will go a long way in manifesting the long- term growth story of India. It is high on optics, low on spending impact as fiscal consolidation remains its paramount focus. The key announcements on power sector coupled with new energy, railways, defense, affordable housing is indeed encouraging. While optically 11% capex growth seems lower than 30% avg growth seen in the last 3 years, but it yet sticks to 3.4% of GDP, which is indeed credible as it would continue to give the requisite infra led push to sustain the growth momentum. Clearly the budget lacks any consumption and populus measures and is thus a departure from the previous pre-election Vote on Accounts. Fiscal consolidation focus, and low market borrowing reinstates the focus on macro-stability. With lower capex growth being the new reality , markets are likely to align to the pragmatic approach of the government and we reckon more policies being elaborated in July 2024 Budget. Bonds are likely to be in a favorable spot through 2025, thanks to the strong Fiscal prudence and lower borrowing pressures coupled with supportive FII flows with global bond inclusion. Overall, the government has dexterously done a fine balancing act between adhering to fiscal prudence and giving requisite support to growth, despite being a Pre-Election Budget.”

 

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