Reaction on Interim Budget 2024 by Ms. Anitha Rangan, Economist, Equirus
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Below the Reaction on Interim Budget 2024 by Ms. Anitha Rangan, Economist, Equirus
“With a new definition to GDP (Governance, Development and Performance), with a sharp focus on fiscal consolidation, the interim budget has demonstrated that the direction of the government is on long term growth. Fiscal deficit to GDP at 5.1% for FY25 along with outperformance in FY24 at 5.8% (versus 5.9% target) demonstrates government’s commitment to not go the populist way. But at the same time, focus on the four pillars of social governance viz. poor, women, youth and farmers, government’s direction in Amrit Kaal is towards an inclusive growth with is sustainable and non-inflationary. Capex growth estimated at 11.1% is reasonable. Market borrowing is lower for FY25 versus FY24. In the era where the global world is struggling to rein in fiscal deficit and borrowing, India adopting the path of consolidation and reduction in borrowing showcases its macro stability. FM has also reiterated the glide path of below 4.5% for FY26. As expected, despite being an election year, there was no touch of populism – Outcome versus Outlay. In summary, the interim budget has a stamp of finality that this government is focused on growth, but structural, sustainable and non-inflationary growth”.
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