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Below the Quote on Union Budget by Mr. V. P. Nandakumar, MD & CEO at Manappuram Finance

"Union Budget 2024-25 takes forward the measures announced in the Interim Budget outlining a roadmap for 'Viksit Bharat'. Nine priority areas identified in the Budget which include agriculture, education and MSME segments will facilitate skilling and employment generation while boosting manufacturing growth. Infrastructure push is reiterated with a Central govt capex outlay of 11.1 lakh crore and 1.5 lakh crore towards interest free capex grant for states. Special emphasis on rural roads augur well for rural incomes as hinterlands will be better connected to the mainland, helping farmers to effectively market their produce. This is good news for the transportation and logistics industry as well. Meanwhile, hike in Mudra loan limit and collateral free loans for small enterprises are big positives as this sector accounts for 45% of our exports. Rationalisation of customs duty on gold, silver, mobile phones and 23 critical minerals are beneficial to these industries. Abolition of angel tax will improve business climate. Personal income tax has seen some rationalisation although the expected changes did not kick in and disposable incomes will not be boosted to the expected levels. 

The budget proposals strike a fine balance between growth and fiscal prudence. The lower fiscal deficit target will reduce central govt debt and facilitate a sovereign rating upgrade apart from softening government security and corporate bond yields."

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