IGI Logo

Below the Quote on India's Interim Budget 2024 from Dr Vikas Gupta, CEO and Chief Investment Strategist , OmniScience Capital 

In his analysis of the Interim Budget, Dr. Vikas Gupta, CEO & Chief Investment Strategist at OmniScience Capital, provides insightful perspectives on the economic trajectory envisioned by Prime Minister Narendra Modi during his address in Ayodhya.

“Prime Minister's emphasis on steering India into a different "Kal Chakra" or orbit of economic development signifies a strategic shift. The notable growth of Uttar Pradesh, nearly 20% in the last year, is highlighted as a crucial indicator. This growth, in a state larger in GDP than 75% of the world countries, serves as evidence that with the right focus, India too can achieve high growth rates.

The concept of "Amrit Kaal," introduced two years ago, remains at the forefront of the government's agenda. We anticipate a reinforcement of this concept through continued emphasis on infrastructural development. Despite being an interim budget, it would continue to have a sustained focus on capital expenditure (capex), especially in critical sectors such as infrastructure, logistics, defense, railways, power, and technology infrastructure (Digital India).

Furthermore, we anticipate initiatives like Performance Linked Incentives (PLI) for various sectors, positioning India as a key global supplier and the financial support, including money transfers, to specific sectors or population segments like farmers and laborers, aiming to alleviate economic challenges in these areas.

Lastly, the budget may include tax breaks for the middle class, however, it is difficult to pinpoint specific details prior to the budget presentation.

In summary, we can paint a picture of a budget focused on sustained infrastructural development, global competitiveness through PLI, targeted financial support, and potential tax relief for the middle class

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