Views on Interim Budget 2024 by Mr. Vishal Kampani- Non-executive Vice Chairman, JM Financial Limited
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Below the Views on Interim Budget 2024 by Mr. Vishal Kampani- Non-executive Vice Chairman, JM Financial Limited
The budget has laid the framework for a robust growth for the country. The focus continues on fiscal consolidation while balancing the infrastructure development and sustainability goals of the economy. Refraining from being too populist, the government targeted inclusive development by announcing measures which have a far-reaching impact on the economy.
Most notable of which are extending PM-AWAAS yojana by 5 more years (20mn houses), transforming 40,000 normal bogies to Vande Bharat giving a fillip to the Make in India Campaign. Capex outlay is sizable at INR 11.11tn (11% YoY), with specific mention of development of eastern India. Considering capex growth over the revised estimate of FY24, it has been robust at 16.9%. The Government's commitment to reaching Net zero by 2070 is also evident by the announcement in solar roof top schemes and viability gap funding for various green initiatives. The lower than expected target of Fiscal deficit (5.1%) for FY25, shows government's commitment towards fiscal consolidation, although this decision would make it easier to achieve FD target for FY26 and reduces debt burden but it came at the cost of lower capital outlay.
Also, there is a promise to lay the detailed roadmap and strategy for Amrit Kal in the full year budget in July 2024.
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