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Below the Views on Budget 2025 by Manish Jain, Mirae Asset Capital Markets

Overall, positive for FMCG, Consumption, Retail, Realty, Auto and new age companies. Not as much positive for banking. Rise in gross borrowings is negative for banks as yield could rise which could impact treasury income. Fiscal deficit target at 4.8% for FY25, and 4.4% of GDP for FY26. With rationalization in direct taxes, one needs to see how government capex targets are set. Move in personal taxes and reduction in BCD in consumer electronics (like flat panel) to boost consumer electronics. Positive for shipbuilding with Maritime Development Fund outlay of Rs 25000, exemption of BCD on raw material and equipment and benefits to ship leasing units announced if they are in GIFT city. Announcements on PM Gati Shakti Data and Maps are positive for logistics players. Announcement of daycare cancer centres in district hospitals is positive for regional diagnostics companies. Promotion in medical tourism is positive for large hospitals. Increase in FDI limit in insurance sector to 100% is positive for investments in the sector. Positive move on critical minerals and BCD exemption for EV batteries to promote EV battery manufacturing in India and also positive for battery chemical manufactures.

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