"The government has maintained its allocation towards infrastructure sector at INR 11+ lakh crores (i.e. 3.4% of GDP) and additional interest free loan of INR 1.5 lakh crores to States will be a booster for the infrastructure segment. The budget has lent further emphasis to multiple infrastructure segments towards development of roads, airports etc. Further, industrial parks, to service 100+ cities and development of 12 specific industrial parks under national schemes is envisaged.

The Government has lent further weight in its fight against climate change. The fiscal incentives for rooftop solar and pumped storage will enhance energy security and availability. Further indirect tax incentives towards renewable energy items and critical minerals such as lithium, copper bodes well for the segment.

Overall the budget maintains its focus on long term growth and sustainability and is positive towards infrastructure segments."

"This Budget manifests the Government's spotlight on MSME and its commitment to support the sector through financing, credit guarantees and most importantly the idea of continuation of bank credit during periods of stress. It's an acknowledgment of the fragility of the sector and a need to nurture the sector in adverse cycles - this will buttress and lend strength to the sector. The budget promises to be the harbinger of increased credit flows to the sector. Enhancement of limits of Mudra loans from INR 10 lakh to 20 lakh will spell expansion of credit flows to the Micro Segment. Overall, this budget augurs well for the micro, small & medium enterprises as the Government avers its mindfulness towards this sector and sets the tone for the BFSI sector to read the sign of the times."

Top-down clarity with regards to policy making around 9 identified priority areas will ensure secular channelization of policy impetus and resources. India has shown utmost resiliency around fiscal prudence, thus revised target of 4.9% is another stepping stone in that direction with positive overlapping effect. Policy thrust around rural recovery & to aid broader consumption was expected. Agricultural package along with slight relaxation of personal income tax are likely to serve both the areas. We have seen much needed continuity of budget outlay towards capex, manufacturing, infra, housing & defence. Policy conviction of this magnitude is substantive & creates multiplier opportunities as we move along. FDI flows have been sub-par and policy move announced today augurs well for attracting patient capital. Angel tax was punitive in more ways than expected. Abolition of this tax takes away financial burden, will enhance overall systemic liquidity & well poised to offer necessary boost to our startup eco-system. As expectedly, markets have reacted negatively to increase in STT & capital gains. One can never say about markets. It appears to be a continuation of broader endeavour to bring about parity, simplification of regime & plug leakages (if any)." All in all, we have quite a targeted budget for now.

"This Budget manifests the Government's spotlight on MSME and its commitment to support the sector through financing, credit guarantees and most importantly the idea of continuation of bank credit during periods of stress. It's an acknowledgment of the fragility of the sector and a need to nurture the sector in adverse cycles - this will buttress and lend strength to the sector. The budget promises to be the harbinger of increased credit flows to the sector. Enhancement of limits of Mudra loans from INR 10 lakh to 20 lakh will spell expansion of credit flows to the Micro Segment. Overall, this budget augurs well for the micro, small & medium enterprises as the Government avers its mindfulness towards this sector and sets the tone for the BFSI sector to read the sign of the times."

Budget's Double Whammy on Capital Market; It seems Govt wants share in Investors' Profit. The 2024 Full Budget announced on Tuesday, July 23, 2024, will have significant impacts on the financial markets. It has made major changes with respect to capital markets, real estate and commodity markets. While the reduction in Basic Custom Duty (BCD) on Gold from 15% to 6% is a welcome change in the commodity market, the other changes will add more burden on the tax payer's pockets. At a time when the equity indices are at an all-time high, the government has tried to take a share out of the growth and the profits earned by the investors from the capital market. It has imposed a double whammy kind of taxation by increasing both the STT rates on derivatives and an increase in STCG and LTCG. The removal of indexation benefit for LTCG will also impact the real estate industry and will slow down the resale of residential flats /lands. There is a fear that it may also increase the proportion of cash transaction in real estate deals, which will be again be counterproductive.

The government has not announced any major changes for the individual tax payers except a slight change in the tax slabs and a minor increase in the Standard Deduction. This too, is however applicable only in the new tax regime, leaving nothing for the tax payers who have opted for the old tax regime. The government has focussed more on creation of new jobs and infra spending. However, the pressure of Government's coalition partners was clearly visible with the focus on states headed by the coalition partners. The Fiscal discipline is being maintained, which is good for the long-term growth.

1. Agriculture Sector

o Development: Digitizing public infrastructure for agriculture lands and developing climate-resistant crops.

o Quote: T Manish, Research Analyst, SAMCO Securities

o "The Finance Minister announces improvements in the agriculture industry by Digitizing public infrastructure for their lands within 3 years for 6 crore farmers in partnership with states. Benefiting companies like CDSL, CE Info Systems, Genesys etc"

2. Agriculture Sector

o Development: Research-based setups for raising productivity and developing climate-resistant crops; Atmanirbhar Oilseeds Abhiyaan.

o Quote: T Manish, Research Analyst, SAMCO Securities

o "Finance Minister Nirmala Sitharaman announced Research based setups for raising productivity & Developing climate resistant crops. Providing new 109 climate resistant crops in 32 categories to be developed and released. Companies like Kaveri Seeds, Dhanuka Agritech would be the beneficiaries. In addition to the interim budgets' announcements about the Atmanirbhar Oilseeds Abhiyaan a strategy to be formulated to achieve atmanirbharta for oilseeds such as mustard, sesame, sunflower, groundnut and soybean."

3. Skilling and Employment Sector

o Development: Skilling program to train 20 lakh youth.

o Quote: Siddhesh Mehta, Research Analyst, SAMCO Securities

o "The Skilling Program will train 20 lakh youth over five years through industry-designed courses, enhancing employability and addressing skill gaps. These initiatives will reduce unemployment, increase disposable income, and stimulate economic growth, promoting a more inclusive and skilled workforce. This is a positive for NIIT Ltd and Aptech."

4. Aquaculture and Seafood Industry

o Development: Finance extension to shrimp production and marketing.

o Quote: T Manish, Research Analyst, SAMCO Securities

o "Finance Minister Nirmala Sitharaman announced about extending finance to Shrimp production and marketing for overall development of the industry. Direct beneficiaries being Waterbase, Avanti Feeds, Apex Frozen Foods."

5. Infrastructure Sector

o Development: Allocation for highway development in Bihar, including bridge construction and expressways.

o Quote: Divyam Mour, Research Analyst, SAMCO Securities

o "The Finance Minister's allocation of ?26,000 crore for highway development in Bihar, including the construction of a two-lane bridge over the Ganga and the development of highways like the Patna-Purnea Expressway and Buxar-Bhagalpur Expressway, will greatly benefit highway construction companies such as GR Infraprojects, KNR Construction, and PNC Infratech. This development will also boost cement demand, benefiting producers like Ultratech, Adani Cement, India Cement, and JK Cement."

6. Infrastructure and Cement Sector

o Development: ?10 lakh crore allocation for housing and highway development.

o Quote: Divyam Mour, Research Analyst, SAMCO Securities

o "The Finance Minister's allocation of ?10 lakh crore to help 1 crore poor middle-class families buy houses will boost the demand for residential properties. This funding, along with interest subsidies, will greatly benefit real estate developers like DLF, Macrotech Developers, NBCC, and Sunteck Realty, as well as housing finance companies focused on the lower and middle classes, such as Aadhar Housing Finance, Aptus Value Housing Finance, and Aavas Financiers."

7. Energy and Renewable Sector

o Development: Surya Ghar Muft Bijli Yojana offering free electricity and promoting rooftop solar solutions.

o Quote: Divyam Mour, Research Analyst, SAMCO Securities

o "The Surya Ghar Muft Bijli Yojana offers free electricity up to 300 units per month to 1 crore households. This initiative will lower energy costs, improve living standards, and support economic stability. It enhances energy access and promotes sustainable development, benefiting low-income families and local economies. Additionally, it will benefit companies involved in rooftop solar solutions, such as Tata Power, Adani Green Energy, and Waaree Energies Limited."

8. Financial Sector

o Development: Extension of Mudra loan limits.

o Quote: Raj Gaikar, Research Analyst, SAMCO Securities

o "The finance minister has extended Mudra loans limit to Rs 20Lcs from Rs 10 Lac. The Mudra loans are disbursed through PSU banks, Small Finance banks, and NBFC, hence the announcement of a limit extension will benefit companies like SBI, Bank of Baroda, Bank of India, Union Bank of India, AU Small finance banks."

9. Infrastructure and Cement Sector

o Development: Allocation for expressways and job creation.

o Quote: Amar Nandu, Research Analyst, SAMCO Securities

o "The government has provisioned a total outlay of Rs. 26,000 crore for expressways in Bihar and a bridge over the river Ganga. This will create job opportunities and boost physical infrastructure. The expressway connections will reduce transport time for goods, enhance regional connectivity, and it could foster tourism and industrial estate development in the region. Additionally, the announced skill development programs will help build the human capital needed for the manufacturing plants to be set up in the area. Cement companies will experience high demand due to the government's infrastructure-building initiatives."

10. Tourism and Hospitality Sector

o Development: Creation of global tourism destinations and pilgrim centers.

o Quote: Amar Nandu, Research Analyst, SAMCO Securities

o "The government also envisions creating global tourism destinations in India. The plan to build world-class pilgrim centers in Gaya-such as Vishnu Path Temple and Mahabodhi Temple-and in Rajgir-highlighting the holy connection with Tirthankar Munisuvrat Swami and Sapt Rishi-will propel the temple economy in the country. This initiative will create job opportunities in the locality, attract more investment, and unlock growth in other related areas. The inflow of domestic and foreign tourists will boost the local economy and provide prospects for demand growth in the hospitality and travel sectors. The development of express highways, complemented by the establishment of spectacular pilgrim centers, will position Bihar as a state with significant economic and social benefits."

11. Jewelry Sector

o Development: Reduction in customs duty on gold and silver.

o Quote: Siddhesh Mehta, Research Analyst, SAMCO Securities

o "The Finance Minister announced a reduction in the customs duty on gold and silver to 6%, aimed at enhancing domestic value addition. This policy change is expected to significantly benefit companies like Titan and Kalyan Jewellers, enabling them to optimize their supply chains. This will increase their profit margins, and pass on cost savings to consumers."

12. FMCG Sector and Wealth Management

o Development: Revised tax rates and increased standard deduction benefiting FMCG companies and stock broking.

o Quote: T Manish, Research Analyst, SAMCO Securities

o "FM Announces Revised tax rate under New Tax Regime, apart from the above slab revisions, the Standard deduction from 50000 to 75000 for individuals opting for New Tax Regime. This would result in savings of around Rs. 17500 in net taxes in the hands of individual. This would benefit directly to the companies in FMCG segment such as HUL, ITC, Dabur, Nestle and second order beneficiaries would be suppliers to these FMCG giants such as Polyplex, Uflex. Further, increased saving would also boost the inflow to wealth management (AMC's)in the form of SIP's, and to Stock broking companies through brokerage."

13. Housing Finance Sector

o Development: Allocation for housing the urban poor.

o Quote: Raj Gaikar, Research Analyst, SAMCO Securities

o "The allocation of Rs 10 lakh crore for housing the urban poor is poised to significantly enhance the profitability of small ticket-size housing finance companies. Companies such as LIC Housing, PNB Housing, HUDCO, and Aadhar Housing Finance are expected to see an upward trajectory in revenue and PAT in the coming quarters, this potentially drives a surge in their share prices in the longer run."

14. Rural Development and Automotive Sector

o Development: Allocation for rural development and skill initiatives boosting vehicle demand.

o Quote: Amar Nandu, Research Analyst, SAMCO Securities

o "The government has proposed Rs. 2.66 lakh crore for rural development. Furthermore, skill development initiatives are expected to lead to more rural employment. This would increase income levels in rural areas and could result in higher discretionary spending. Consequently, two-wheelers and entry-level passenger vehicles could see increased demand from rural India, benefiting companies like Hero Motocorp and Maruti Suzuki. Additionally, since many vehicle purchases are financed to some extent, any interest rate cuts going forward could improve the demand for automobiles."

15. Mobile and Electronics Sector

o Development: Cut in Basic Customs Duty on mobile phones and accessories.

o Quote: Siddhesh Mehta, Research Analyst, SAMCO Securities

o "The Finance Minister announced a cut in the Basic Customs Duty (BCD) on mobile phones, mobile Printed Circuit Design Assembly (PCDA), and mobile chargers to 15%, recognizing the growth of the Indian mobile industry. This change will reduce costs and support Indian manufacturers. Dixon Technologies will benefit the most from this move, allowing the company to strengthen its market position and grow further."

For the economy: Fiscal prudence - Positive, Focus on jobs - Super positive and much needed, Incentives for labor intensive sectors - Positive, Steady capex expenditure - Positive

For mutual funds: Equity funds - LTCG at 12.5% is a small dampener, Debt funds - Status quo in line with FDs, etc. FOFs, gold, international funds - Significant improvement in tax from marginal to 12.5% LT

More focus on long term investing, and taxes on short term trading - Positive

Net-net: 9/10.

Focus on building and investing in India for the long term. The market will (and has) quickly moved past capital gains to focus on growth and earnings.

STT on options changed from 0.0625 per cent to 0.1 per cent of

STT on futures changed from 0.0125 per cent to 0.02.

The introduction of the NPS Vatsalaya scheme by the finance minister marks a significant step towards fostering a culture of long-term financial planning for minors in our country. This initiative allows parents and guardians to proactively invest in the future financial security of their children from an early age.

Under this scheme, parents can open and manage investment accounts on behalf of their minors, ensuring a structured approach to savings and investments. This not only instills a sense of financial discipline from a young age but also sets the stage for robust financial planning as children grow into adulthood.

One of the most compelling aspects of the NPS Vatsalaya scheme is its flexibility. As minors reach adulthood, these accounts can seamlessly transition into regular National Pension System (NPS) accounts, continuing to build upon the initial investments made during their formative years.

In essence, the NPS Vatsalaya scheme represents a forward-thinking approach by the government to empower families with the means to plan for their children's futures responsibly. It encourages savings and investment habits that will undoubtedly benefit our society as a whole in the long run.

"The Union Budget 2024 brings significant developments for GIFT IFSC. The announcement of a tax-efficient regime for retail funds and ETFs will create new business opportunities for asset management companies in GIFT City. This move is expected to attract investments from NRIs and foreign retail investors into India. We thank the Union government for its continued support in helping GIFT City become a truly vibrant global financial centre."

"Barring the capital gains tax dampener for the investor community and removal of indexation benefit, the Union Budget was balanced and consistent in policy. Brushing aside concerns around more populism, the target set for the fiscal deficit at 4.9% is a huge positive. Agriculture package of Rs1.5 lakh crores is along expected lines and will help provide a fillip to the rural economy. The slight relaxation in personal income tax slabs helps on the consumption front as well. There has been a material push in uplifting the financial health and borrowing ability of MSMEs. The capital expenditure outlay of the government of 3.4% as a percentage of GDP is also robust and in line with their policy. Notably, the government is focusing on further digitizing the economy with land and house registry. I sense an even better budget next year, with the finance minister mentioning about a comprehensive review of the Income Tax Act to simplify taxation and reduce disputes, as well as a customs duty rate structure overhaul to correct inverted duty structures."

The government has maintained its allocation towards infrastructure sector at INR 11+ lakh crores (i.e. 3.4% of GDP) and additional interest free loan of INR 1.5 lakh crores to States will be a booster for the infrastructure segment. The budget has lent further emphasis to multiple infrastructure segments towards development of roads, airports etc. Further, industrial parks, to service 100+ cities and development of 12 specific industrial parks under national schemes is envisaged.

The Government has lent further weight in its fight against climate change. The fiscal incentives for rooftop solar and pumped storage will enhance energy security and availability. Further indirect tax incentives towards renewable energy items and critical minerals such as lithium, copper bodes well for the segment.

Overall the budget maintains its focus on long term growth and sustainability and is positive towards infrastructure segments.

The focus given in the Union Budget 2024 to the MSME sector is going to provide a huge boost to the growing number of entrepreneurs in the country. The initiatives announced such as - credit guarantee schemes for MSMEs, increasing the limit of Mudra loans to INR 20 lakhs to those who have paid back the loans earlier, creating alternate methods to evaluate eligibility of MSME for loans, as well as expanding branches by SIDBI, all of these initiatives is expected to provide the much-needed accessibility to credit and additional support required for further growth of the sector. We are optimistic and committed to leveraging these initiatives to foster growth and create socio-economic impact across the country

"Overall budget continues the path of fiscal consolidation with revised target of 4.9% of GDP for FY25 ( from earlier target of 5.1%, aided by dividend from RBI and tax buoyancy) and 4.5% for FY26 which is hugely positive. Three proposals impacting capital market the most are , increase in capital gain tax, STT on F&O, and taxation on buyback of shares. There is increase in Short term Capital Gain Tax from 15% to 20% and long term from 10 to 12.5% for all sale transactions effective from 23rd July 2024. Fine print also takes away indexation benefit on sale of property , gold and unlisted assets. STT on futures increases marginally from 0.0125% to 0.02% and on options from 0.0625% to 0.1% on premium. Buyback of securities will now be taxed in the hands of shareholders similar to dividend and capital loss generated on buyback will be allowed to be set off against other capital gain. "

The budget leaves a mixed sentiment. Sticking to fiscal consolidation and discipline is a positive. Efforts to incentivize new employment generation and staying the course with investing in infrastructure is also welcome. What was unexpected was that while rationalizing capital gains structure we would see a slew of measures that basically increases tax outgo for investors that too long term investors across the asset classes; that's a negative surprise. Further we persist with charging tax on onward distribution of tax paid corporate income to its owners by way of taxing dividends and buybacks which can be interpreted as a double tax.

"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."

"The finance minister reiterated the commitment to rationalise GST rates and extend GST to other sectors. A comprehensive review of the customs duty rate structure over the next six months is in line with the Make in India strategy. It needs to be seen whether a road map for transition is provided to the domestic industry.

Steps have been proposed to reduce GST litigation, such as a uniform limitation period, waiver of interest and penalty for normal limitation period cases in the first three years of GST, and power to regularise non-payment of tax in the past due to prevailing industry practices.

All in all, the Budget is in line with the strategic objectives of promoting "Make-in -India" and export competitiveness and at the same time reduce litigation."

"The budget demonstrated financial prudence with expected fiscal deficit target now 4.9% for FY24-25. This is constructive overall for the bond yields. The focus on infrastructure spending shall further increase issuance in infrastructure bonds. Listed bonds continue their favourable treatment for capital gains versus unlisted bonds and debt mutual funds."

Budget build up for long term measures is positive . Many key areas have a positive build-up without impacting the fiscal position. Taxation increases seem negative, though was anticipated. Markets will stabilise after the negative shocks in the short term and track the progress of the country in the medium term.

The budget is economy-centric and especially targets grassroots issues like employment and rural economic stress. Multiple direct and indirect schemes and announcements will target the upliftment of the poor, women, youth, and farmers. The finance minister has made this budget to enhance employment, increase skill sets, ease business for MSMEs, and provide tax measures for the middle class. From the capital markets point of view, it would be slightly disappointing as far as taxation is concerned. The economic measures announced are the need of the hour for rural employment and reduce stress in the MSME space. This budget has targeted the pain points in the economy.

"The final Union Budget for FY25 continued on the ongoing theme of continuity while increasing focus on the employment, ease of doing business, tourism and rural infrastructure. While total capital expenditure for FY25 was kept unchanged at Rs. 11.1 trillion, the fiscal deficit for FY25 was reduced to 4.9% from earlier estimate of 5.1%. From the bond market's perspective, gross borrowing & net borrowing through dated IGB in FY25 is marginally reduced by ~Rs. 12,000 crore to Rs. 14.01T and Rs. 11.63T respectively. This is marginally lower than market expectations. Further, taxation on fixed deposits, debt mutual funds, bonds and Market-linked bonds was kept unchanged. This was a bit damper for fixed income investors. That said, we don't expect significant change in investor sentiment. Overall, it is a pragmatic Union Budget from the financial market's perspective."

The budget has not been a big bang budget in terms of announcements or reforms. The government has tried to strike a balance between social reforms, growth, fiscal prudence and coalition partners. Special packages to Andhra Pradesh and Bihar have been provided in terms of industrial corridors, infrastructure push and financial support for key projects. This ensures the continuity of the coalition. The fiscal prudence is improved and the fiscal deficit is reduced to 4.9% of the GDP from 5.1%. The borrowing is pegged to Rs 14 L Cr which is less than last year. This is positive for the overall economy. Hike in short-term capital gains and long-term capital gains have been sentimentally negative for the equity markets. This has resulted in short-term selling pressure. However, this can be the beginning of reforming the capital markets and curbing retail participation in the F&O segment. We can expect more measures in the F&O space in the days to come. On the growth and social agenda, the government has clearly articulated the focus areas like agriculture, employment, skilling, infrastructure, inclusive social growth, manufacturing, infrastructure, urbanization, innovation and next-gen reforms. The budget spending in the years to come will keep adding to these focus areas.

The government has maintained its allocation towards infrastructure sector at INR 11+ lakh crores (i.e. 3.4% of GDP) and additional interest free loan of INR 1.5 lakh crores to States will be a booster for the infrastructure segment. The budget has lent further emphasis to multiple infrastructure segments towards development of roads, airports etc. Further, industrial parks, to service 100+ cities and development of 12 specific industrial parks under national schemes is envisaged.

The Government has lent further weight in its fight against climate change. The fiscal incentives for rooftop solar and pumped storage will enhance energy security and availability. Further indirect tax incentives towards renewable energy items and critical minerals such as lithium, copper bodes well for the segment.Overall the budget maintains its focus on long term growth and sustainability and is positive towards infrastructure segments.

Bringing investment in urban housing to Rs.10 lakh crore under PM AWAS Yojana Urban 2.0 is a quantum jump seen in the nation's response towards its urban housing crisis. A commitment of this magnitude for one crore families exhibits that the Centre is serious about making urban development inclusive. The contribution by Centre, which will be Rs.2.2 lakh crore over a period of five years, gives financial muscle to the scheme. This huge investment is most likely to have far-reaching effects beyond the simple provision of housing. It could stimulate the construction sector, create millions of jobs, and boost allied industries. What's more, along with mixing poor and middle-class families, the scheme recognizes the variety of housing needs across the socio-economic spectrum in urban India. Such an approach could usefully contribute to the reduction of inequality within cities and improve living conditions within India's fast-growing towns.

Ambitious targets for meeting the housing needs of 1 crore urban families under PM AWAS Yojana Urban 2.0 point toward the enormity of the challenge that is urban housing in India. With projected urbanization to reach 50 percent in 2050, this Rs.10-lakh-crore investment had been most timely and sorely required. The Rs.2.2 lakh crore central assistance is a very strong model of public-private partnership, in which government support will act as a catalyst for private investment. This could result in innovative financing models and construction technologies in the affordable housing sector. Moreover, unlike most housing policies that leave out this 'missing middle,' the scheme targets both poor and middle-class families. If implemented correctly, this can potentially reduce a huge urban housing shortage of 18.78 million units in the year 2012 and change the urban landscape of India.

It is a game-changing announcement that the FM made by stating an investment of Rs.10 lakh crore in urban housing under PM AWAS Yojana Urban 2.0 for India's real estate sector.

The FM's announcement of Rs.10 lakh crore investment in urban housing under PM AWAS Yojana Urban 2.0 is thus a shot in the arm for India's real estate sector. This huge infusion-Rs.2.2 lakh crore in central assistance-can indeed rejuvenate the affordable segment of housing, which has remained in a challenging position over the past few years. For the target of 1 crore families within five years, it translates to about 20 lakh houses per annum, which becomes a significant scaling-up from the current version of the scheme. It can also generate enhanced demand for construction materials and may revive sectors such as cement, steel, and home appliances. It is in this regard that additional focus on the middle-class families, apart from the urban poor, broadens the scheme's scope and possibly leads to more diversified housing typologies and urban design solutions. This kind of holistic approach can play a huge role in realizing the government's vision of 'Housing for All'.

The outlay of Rs.10 lakh crore for urban housing under PM AWAS Yojana Urban 2.0 is of an amount that would largely share in the annual GDP of India, thus showing the priority in the housing sector by the government. The Rs.2.2 lakh crore central assistance spread over five years offers a stable funding base, which is so important to long-term planning in the real estate sector. Targeting 1 crore families, this scheme addresses roughly 22% of India's urban households, according to the 2011 census. The scale of intervention would be large enough to hopefully bring down urban poverty, for adequate housing has been inextricably interwoven with health, education, and economic outcomes. Besides, incorporating middle-class families at least gives due recognition to the budding aspirations of India's urban population. If effectively implemented, this has the potential to go a long way in bridging the yawning urban housing gap and making critically vital contributions toward India's economic growth and development across the urban landscape.

The commitment of the Modi government to facilitate projects related to provision of water supply, sewage treatment, and solid waste management in 100 large cities is an essential milestone in ensuring the sustainability of urban development. As such, this policy action plan is wholly pegged on the cooperation with states and the multilateral development banks, which will fill the acute shortage in infrastructure in the burgeoning urban centers. It is also safe to assume this is a direct outcome of the inefficiency of service delivery: In 2019, according to the Ministry of Housing and Urban Affairs, 67% of urban households had piped water supply, while 78.7% had access to toilets. India generates about 62 million tonnes of waste annually- only about 68 per cent is collected and 28 per cent treated. If aimed at the metropolises, which account disproportionately for these numbers, it would really help. Finally, the support from MDBs will also facilitate access to global experience and funding that would be essential for embracing state-of-the-art technologies in water and waste management, thereby helping to realize the aspirational goals of the Swachh Bharat Mission.

"The Union Budget 2024-25 demonstrates a clear vision for 'Viksit Bharat' with its strong emphasis on infrastructure development and digital transformation. The government's decision to increase duty on PCBAs for specific telecom equipment by 10-15% reflects a commitment to bolstering 'Make in India' in this crucial sector.

We are particularly encouraged by the focus on enhancing Digital Public Infrastructure (DPI), which will undoubtedly play a pivotal role in accelerating India's economic growth. The prioritization of energy security and infrastructure development aligns perfectly with the telecom sector's needs for robust and sustainable expansion.

The budget's provision for skilling 4.1 crore youth is a commendable step that will significantly enhance our nation's capabilities and prepare our workforce for the digital future. Furthermore, the emphasis on green energy and government initiatives in solar energy will create a robust infrastructure for a greener India, reducing our dependence on other expensive resources. This aligns well with the telecom sector's growing focus on sustainable practices and energy-efficient technologies.

This budget lays a solid foundation for India's digital and sustainable future, paving the way for improved connectivity and technological advancement across the nation. As we move forward, the telecom infrastructure industry stands ready to support and contribute to this transformative journey towards a digitally empowered, skilled, and environmentally conscious India."

"The budget demonstrated financial prudence with expected fiscal deficit target now 4.9% for FY24-25. This is constructive overall for the bond yields. The focus on infrastructure spending shall further increase issuance in infrastructure bonds. Listed bonds continue their favourable treatment for capital gains versus unlisted bonds and debt mutual funds."

Quote from Nitin Rao: Budget build up for long term measures is positive . Many key areas have a positive build-up without impacting the fiscal position. Taxation increases seem negative, though was anticipated. Markets will stabilise after the negative shocks in the short term and track the progress of the country in the medium term.

The budget is economy-centric and especially targets grassroots issues like employment and rural economic stress. Multiple direct and indirect schemes and announcements will target the upliftment of the poor, women, youth, and farmers. The finance minister has made this budget to enhance employment, increase skill sets, ease business for MSMEs, and provide tax measures for the middle class. From the capital markets point of view, it would be slightly disappointing as far as taxation is concerned. The economic measures announced are the need of the hour for rural employment and reduce stress in the MSME space. This budget has targeted the pain points in the economy.

"Today's budget announcement heralds a transformative era for Bharat, particularly for our vibrant MSME sector. By facilitating the working capital needs, setting up food irradiation units and quality testing labs, and establishing e-commerce export hubs, the government is laying a robust foundation for MSMEs to thrive. These measures will empower small and medium enterprises to grow, compete globally, and drive economic growth.

The introduction of a comprehensive credit guarantee scheme, coupled with significant provisions for long-term interest-free loans to states, underscores a commitment to fostering an aspirational India. This holistic approach will not only enhance the financial stability of MSMEs but also stimulate innovation, create jobs, and boost exports. Encouraging states to provide similar support for infrastructure will further amplify these benefits, ensuring balanced regional development.These initiatives will open new opportunities for MSMEs, propelling Bharat towards a more inclusive and prosperous future."

"We commend the administration for its progressive stance, which is evident in the Interim Union Budget 2024-2025 that was unveiled today by the Finance Minister Nirmala Sitharaman.

The measures the government has put in place to encourage middle-class occupants of chawls, unauthorised colonies, slums, and rental properties to become homeowners demonstrate its commitment to supporting the real estate industry.

This progressive budget supports the government's initiative of constructing additional 20 million affordable homes in the next five years, while also setting a good standard for the real estate industry. The emphasis on PM Awas Yojana Grameen is perfectly in line with the goal of our sector, which is to promote equitable and sustainable growth. The empowerment of women in rural areas, with over 70 percent of houses designated to them as sole or joint owners under this initiative, is noteworthy.

The massive budget of Rs 11.11 lakh crores set out for infrastructure in FY25 will also help the real estate market. We look forward to actively contributing to the real estate industry's growth and development under the enabling policies by offering our developer partners insightful advice."

The interim Budget presented by the Finance Minister has focussed on Tourism with a multipronged approach that we believe will create a multiplier effect across aviation, tourism and allied sectors, boosting growth and employment generation.

We welcome the announcements on airport development and expansion: having already doubled to 149 airports in the last decade, the government's plans to boost air connectivity by the addition of 517 new routes across Tier 2-3 cities, carrying 1.3 crore passengers via the UDAN scheme, will play a critical role with vibrant hub and spoke air corridors to boost accessibility-affordability for Regional India.

Implementation of major rail connectivity corridors via the PM Gati Shakti program together with port and metro/rapid transport expansion will serve to create valuable multi modal connectivity for Tourism.

We welcome the special focus on Domestic Tourism which represents a vibrant growth driver via the government's plan of long-term interest free loans to States; development of iconic tourism centres by States along with marketing on global standards. What was noteworthy is the reference to Spiritual Tourism and projects for port connectivity, tourism infrastructure and amenities on islands including Lakshdweep - aimed at development of India's hidden gems and employment opportunities.

Further, the strong capex outlay of Rs 11.11 lakh cr, a significant 4% of our GDP, will serve as a catalyst to the Country's growth potential and job creation.

The interim budget presented by Hon'ble Finance Minister has maintained status-quo on direct and indirect taxes thus keeping its impact neutral. The government has set focus on the overall travel and tourism sector via infrastructure development, green energy, sustainability and looked at diverse initiatives for domestic tourism via a strategic approach for each segment - aviation, ports (waterways) and rail to strengthen regional connectivity to tier 2 and 3 cities.

We welcome the development on the rapid expansion of air connectivity with the addition of 517 new routes across Regional India's tier 2 and 3 cities via the UDAN scheme - this will play a key role in strengthening accessibility.

The special focus on strengthening domestic tourism via implementation of rail connectivity corridors under the PM Gati Shakti initiative and upgrading 40,000 regular train boogies into high speed Vande Bharat trains will definitely strengthen surface transportation.

The Government's plan on focus on spiritual tourism, development of iconic tourist spots and island destinations of India including Lakshadweep (projects for port connectivity, tourism infrastructure, and amenities) will generate employment thus boosting India's economy. What is noteworthy, is the Government's mindful move to form a panel to tackle challenges of higher population/over tourism, especially in destinations with sensitive ecosystems.

"The Interim Budget focused on key sectors and one of the promising ones is Electric Vehicles (EV). The initiatives will enhance and fortify the EV ecosystem by bolstering manufacturing and charging infrastructure. Additionally, the encouragement of greater adoption of e-buses for public transport networks through payment security mechanisms is a notable benefit. These investments not only pave the way for increased EV sales and adoption but also open doors for burgeoning job opportunities and entrepreneurial ventures within the sector. These efforts remain dedicated to driving India's green mobility revolution forward. There is also an anticipated outcome in the form of economic empowerment which will equip the youth with valuable technical skills, ensuring a robust workforce for the manufacturing of EV chargers, and associated equipment. We look forward to the July budget where the focus will be on Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME II) scheme and much-anticipated FAME III scheme."

"The interim budget was just released, and the emphasis on a comprehensive GDP, incorporating governance, development, and performance was evident. The proposed fiscal estimate reinforces a people-centric agenda and promises great enhancement in Indian healthcare. As per WHO, cervical cancer ranks as the fourth most prevalent cancer among women, posing a significant challenge for the Indian population. The budget forecast has thus put focus on prioritising precautionary healthcare by encouraging vaccination in girls of 9-14 years for cervical cancer. This initiative is a great step to help in the diagnosis and prevention of cervical cancer in girls at an early age. Additionally, the finance minister mentioned extending the Ayushman Bharat scheme to include ASHA and Anganwadi workers, which reflects inclusivity by recognising their invaluable role in our health system. The finance minister expressed her futuristic expectations during the provisional budget, ensuring the necessary support. The vision for 2047 is full of commitment to providing abundant opportunities for our country. It has motivated the healthcare sector to continue contributing to holistic development and achieve great heights."

"The budget 2024 has placed a significant emphasis on inclusive development, setting the stage for India's transformation into a "Viksit Bharat" by 2047. This strides in the PM Awas Yojana Gramin, targeting the construction of 3 crore houses with an additional 2 crore in the next 5 years, underscore a substantial commitment to affordable housing. This approach holds immense promise for the interior designing, real estate, and infrastructure sectors, with the specific focus on uplifting the middle class. Anticipated growth in real estate demand and concurrent development in infrastructure present a myriad of opportunities in Tier II and Tier III markets as well. The announcement pertaining to boosting domestic and spiritual tourism will also give rise to real estate and related businesses in those areas. As the government proactively addresses housing needs and establishing collaborations with these sectors, there's a tangible potential for them to play pivotal roles in the transformative vision of the country"

"The budget aligns with the vision of 'Viksit Bharat', that of creating a prosperous nation in harmony with mother nature. We see the emphasis on modern infrastructure, including metro rail network and NaMo Bharat, as a significant catalyst for urban and industrial transformation. It is commendable to see the government's strategy to triple capital expenditure, fostering robust economic growth and job creation. The 11.1 percent increase in next year's outlay to 11,11,111 crore, constituting 3.4 percent of the GDP, reflects a visionary approach. The focus on building infrastructure aligns seamlessly with the government's vision for a resilient and prosperous India.

Very importantly, the provision of viability gap funding for offshore wind energy, establishment of coal gasification and liquefaction capacity, and the phased mandatory blending of compressed biogas in CNG and PNG, are welcome steps towards India's commitment to achieving 'net-zero' by 2070. These will lead to reduced imports and boost self-reliance, a very welcome approach to our sustainability goals.

The strategic economic railway corridor programs are bound to boost the energy, mineral, and cement corridors, ports connectivity, and enhanced and smoother traffic. These initiatives will undoubtedly propel infrastructural development and growth."

New Era Cleantech Solution, on the budget announcement and implications on coal gasification and clean energy.

The budget announcement by finance minister Nirmala Sitharaman today outlining the promotion of coal gasification and liquefaction capacity with a substantial outlay of 100 metric tons by 2030, underscores the government's commitment to for clean coal technologies for its energy and chemicals self-sufficiency in a sustainable and affordable manner. This initiative aligns with India's commitment to reach net zero emissions by 2070 as announced by Prime Minister Narendra Modi at COP26 held in Glasgow in 2021. We appreciate the Government's strategy to facilitate sustaining high and more resource efficient economic growth. This will work towards energy security in terms of availability, accessibility and affordability.

The decision is a significant step as it helps reduce the import of natural gas, oil, chemicals, which can be derived through coal gasification.

Coal gasification and liquefaction will enhance energy security under the Atmanirbhar Bharat framework. The focus on boosting domestic production and curbing imports of various commodities such as natural gas, hydrogen, urea, methanol, ammonia, DME/LPG, will lead to significant forex savings.

New Era CleanTech Solution leads one of India's pioneering 5 MMPTA private sector clean coal gasification projects. The budget announcement, coupled with the Union Cabinets's recent unveiling of an Rs.8,500 crore incentive scheme for coal gasification, is poised to catalyze substantial growth in the coal-to-chemicals sector. This dual initiative enhances the viability of coal gasification projects, making them more attractive for further investment and fostering a sustainable energy landscape in India.

China's successful use of coal gasification in recent years to produce essential materials like urea, ammonia, methanol, and hydrogen shows immense potential for India. Geopolitically, coal gasification is important for India as it will reduce our dependency on imports and promote self-reliance and energy security. It will also help many other industries by replacing oil and natural gas and have a multiplier effect. In all, the homegrown petrochemicals products made using syngas will truly lead us towards Atmanirbhar Bharat.

The FM has announced a research and innovation fund of Rs.1 Lakh Crore. The other measures in the Budget including viability gap funding for offshore wind, rooftop solarisation, which will benefit one crore households, strengthening of the e-vehicle ecosystem and the new scheme of bio-manufacturing and bio-foundry will increase the share of renewable energy in the energy mix.

It will be interesting to see how the new terminology coined by the FM on FDI, "First Develop India", pans out through the proposed and renegotiated Bilateral Investment Treaties. Meanwhile, the Government should consider notifying a number of already signed Most-Favoured-Nation protocols consummating the amendments to the tax treaties enabling favourable tax treatment to certain transactions with non-residents.

The interim budget 2024 seems to be a pragmatic one, as it clearly focuses on transformational shifts in the agriculture sector which include areas on productivity improvement and value addition, sustainable agriculture, reduction of import dependence, fast-tracking development in allied sectors such as dairy and fisheries and rural employment through creation of micro enterprises. Encouraging Public Private Partnerships (PPP) is expected not only to infuse investments in the sector but also bring in the much-needed expertise in enabling a large majority of farmers who are small and marginal in moving up the value chain. Increased allocation towards PM-Formalization of Micro Food Processing Enterprises Scheme and focus on Aspirational Districts Programme is expected to give a boost to rural job creation opportunities which in turn can boost rural demand. The Atma Nirbhar Oilseeds Abhiyan is expected to bring down the dependence on imports of edible oil by focusing on improving yields in states which have high acreage but lower productivity, increasing acreage in non-traditional areas, developing new varieties , resource efficiency, providing timely inputs and training to farmers. Given the changing dietary patterns and income generation potential, increased outlay for dairy and fisheries sector (Blue Revolution and PM- Matsaya Sampada Yojana) is expected to not only meet the increased demand for nutrition in domestic markets, but also give a boost to the exports from the country. Setting up of the integrated aquaparks will help in infrastructure upgradation and enhancing aquaculture productivity which will positively impact the livelihoods of millions of fishers/ fish farmers.

The Hon'ble Finance Minister tabled the Fiscal Budget 2024 (interim) with an emphasis on the agriculture and infrastructure sector and a move towards robust economy. The Hon'ble FM mentioned that strengthening of the financial sector has helped in making savings, credit and investments in the Indian economy more efficient.

The BFSI sector will continue to be a support system for the government's initiative on various fronts like PM Mudra Yojana for providing small loans, in the form of crop insurance for more than 4 crore farmers; infrastructure development and financing; etc. Moreover, the Government's proposal to enter into bilateral investment treaties will boost the financial services as these services play a crucial role in facilitating the foreign investment in the Indian ecosystem.

The Finance Minister has echoed the Government's clear intent to support the financial services sector by continuing the tax exemptions/ benefits to the International Financial Service Center (IFSC). The tax exemptions about to expire on 31 March 2024 are now extended upto 31 March 2025. One may expect further extensions of tax benefits and other incentives for the IFSC in the final budget as the IFSC has created a robust gateway for global capital and financial services for the Indian economy. Moreover, initiatives like the announcement of India-Middle East-Europe Economic Corridor and the extension of tax benefits to sovereign wealth funds and pension funds of Middle-East will place India at a strategic position in terms of investment destination on the world map. With the Indian economy getting stronger the banking, insurance and other allied services will continue to provide the necessary support towards government's vision of 'Vikasit Bharat' and USD 5 trillion economy.

"Despite no major announcements, tax buoyancy is expected to increase with a focus on simplified tax laws, easier compliance, and efficient administration thereby increasing taxpayer confidence and encouraging compliance. This could result in an increased tax base."

The government has continued its support to farmers under the crop insurance facility and intends to further strengthen the same. Crop insurance was given to almost 4 crores farmers and it continues to be a pillar of support for the 'annadata' i.e. the farmers as quoted by the Hon'ble Finance Minister in her Budget Speech. The crop insurance will also play a crucial role in the Atmanirbhar Oil Seeds Abhiyan announced by the Finance Minister. These initiatives will ensure penetration and awareness about insurance in rural India thereby providing a boost to the insurance industry.

1. Considering this is an Interim Budget, no changes are proposed in the personal tax rates. Individual taxpayers need to continue analysing the effective tax regime selection i.e. old vs. new tax regime.

2. Since rationalisation and reduction of personal tax rates have happened in the recent Finance Budgets, no changes are proposed in the Interim Finance Budget 2024.

3. The FinMin has hailed several measures taken by the Government over the recent years to improve taxpayer services. This included simplification and pre-filled ITR forms, updated tax returns, access to Form 26AS and other information, faster processing of tax returns to average 10 days enabling quicker tax refund credits, faceless assessments, etc. These have improved the overall approach and experience of taxpayers.

4. The Finance Minister's proposal to improve taxpayer services included waiving-off outdated outstanding direct tax demands. This is a welcome move as several individual taxpayers received notices for petty outstanding demands or their refunds were stuck for demand adjustments. The proposal would benefit several taxpayers with demand upto INR 25,000 (for period upto FY 2009-10) and upto INR 10,000 (for period covering FY 2010-11 to FY 2014-15). The CBDT should come out with the mechanism for making such adjustments.

"We welcome the interim budget's emphasis on promoting private and public investment in post-harvest activities, modern storage, and efficient supply chains. It will further boost the vegetable oil sector. The Atmanirbhar Oil Seeds Abhiyan's strategic approach to achieving self-sufficiency in mustard, groundnut, sesame, soybean, and sunflower highlights the government's unwavering dedication to the comprehensive development of the agriculture sector. This budget sets the stage for a more robust and sustainable oil seeds industry, fostering growth, resilience, and enhanced contribution to the nation's agricultural landscape."

"The budget is a further demonstration of the sustained government support to the infrastructure sector, evident in an increase of over 11% in allocation. Initiatives such as the development of multi-modal connectivity, a renewed emphasis on advancing solar and wind energy technologies, including offshore wind, and the improvement of railway infrastructure are poised to fuel economic growth. The backing of sustainable technologies, including electric vehicles and charging infrastructure, bodes well for a cleaner future. In all, the budget is expected to lead to a sustained growth of the economy."

It is noteworthy is that this is a budget entirely focused on fiscal consolidation and not populism, which was expected to be in focus because of the upcoming general elections. The most pleasing words from the budget: "No changes in taxation." It's a budget that focuses on the continuation of policy and doesn't introduce any surprises. It's a budget prepared keeping in mind that global fiscal expenditure may decrease this year, and the global monetary policy may tighten. The government has assumed an increase in total expenditure of 6.1% YoY in FY25. This is the lowest growth in 8 years, and less than half of the 8-year average of 12.4%. The budget has a negative fiscal impulse, with the gross fiscal deficit contracting by Rs. 49,000 crores and the primary deficit reducing by Rs. 1.8 lakh crores. The bond market has rejoiced with a drop in yields, and rightfully so. Gross and net borrowing for FY25 are lower than FY24. The fiscal deficit is expected at 5.1% for FY25, a reduction of 0.7%. With India getting included in global bond indices and the supply of Govt. Securities estimated to be lower, it will lift a major hurdle for the RBI to exercise a more neutral to easy monetary policy - advantage duration funds

"The schemes proposed in the Union Budget 2024 present both opportunities and challenges for the common man and the healthcare industry. Enhanced health insurance coverage and preventive care initiatives offer financial protection and easier access to healthcare services for individuals, while also driving increased demand and investment in the healthcare sector. However, effective implementation of these schemes at the grassroots level and maintaining the quality of healthcare services remain key challenges. Additionally, affordability of additional services like cervical cancer vaccination could limit uptake among economically disadvantaged families. For the healthcare industry, the expansion of medical colleges contributes to skill development and technological advancements, yet financial pressures and regulatory compliance pose significant hurdles. Competition among providers may increase, potentially driving consolidation and limiting options for consumers. In summary, while the Union Budget 2024 schemes aim to improve healthcare access and outcomes, addressing implementation challenges and ensuring long-term sustainability will be essential for their success."

"The revised estimates on healthcare are more significant to analyse since this is an interim budget since the estimates for next year will change when the government presents the Budget after the elections in July. On health, the government's revised estimates show that it had set an expenditure of Rs 88,956 cr last year but actually spent only Rs 79,221 crore. The health allocations are lower than what India needs - it is less than 2% of GDP while the world average is 6% - and the revised estimates show that even those targets have not been met in the ongoing financial year. We need to strengthen primary and secondary healthcare in India and with these numbers, will not be able to do so. However, the government's decision to expedite Saksham Anganwadi and Poshan 2.0, its flagship scheme to address the challenges of malnutrition in children, adolescent girls, pregnant women, and lactating mothers is a welcome step. The decision will go a long way in improving nutrition content and delivery among these segments of our population and is a step towards eliminating India's problem of malnutrition."

"I believe the Union Budget of 2024 reflects a strategic balance, emphasizing economic growth, social development, and fiscal prudence, paving the way for a resilient and inclusive future. A special focus on Women empowerment, Farmers as Annadata, and startups will really contribute along with increasing opportunities for international trades and exports will surely lead to economic reform. However, the tax slabs are unchanged. But steps like vaccination of cervical cancer for 9-14-year-old girls in their schools is surely a big step for women's health. The vision of becoming Vikshit Bharat by 2047 seems to be achievable through all these reforms."

"In this budget announcement, the government has taken a reflective and pragmatic approach, summarizing the achievements of the past decade rather than making bold announcements. This interim budget seems to be a strategic move, avoiding major actions before the upcoming election. The emphasis on continuity and stability is evident, setting the stage for potential impactful measures in the post-election period. The extension of Ayushman Bharat cover to all Anganwadi and Asha workers, along with the consolidation of maternal and child healthcare schemes into a comprehensive initiative, demonstrates a commitment to inclusive healthcare. While it may be viewed as a status quo budget on the surface, it signifies a responsible and measured fiscal strategy, showcasing the government's dedication to maintaining a positive economic trajectory. The anticipation of more detailed fiscal numbers and micro financial parameters will provide a clearer picture of the country's economic direction. Overall, the budget lays the foundation for future developments and affirms the government's confidence in the positive trajectory of the nation."

"The disbursement of 30 Crore Loans to women entrepreneurs under the Pradhan Mantri Mudra Yojana (PMMY) is a groundbreaking step towards empowering women in the business sector. By directing financial support to female entrepreneurs, the government is not just fostering economic growth but also actively working towards bridging the gender gap in entrepreneurship.

With loans extending up to Rs 10 lakh, the PMMY scheme is a beacon of hope and support for women striving to establish or expand their businesses. As a woman in business, I understand the challenges we face in securing funding. The government's focus on facilitating financial independence for women is a commendable move."

The significant increases in female enrollment in higher education and STEM courses statistics are not just numbers; they represent a societal shift where women are increasingly taking center stage in economic and educational spheres. The allocation of MUDRA loans is more than just financial assistance; it's a message of empowerment and faith in the capabilities of women entrepreneurs. It's a step towards a more inclusive and equitable business landscape."

"In the vibrant realm of India's burgeoning startup ecosystem, the Union Budget 2024-25 resonates with our unwavering commitment to nurturing entrepreneurship, fostering innovation, and driving inclusive growth. The PM Mudra Yojana exemplifies empowerment, having dispersed thirty crore loans to women entrepreneurs, catalyzing their journey towards economic independence.

Furthermore, the budget's spotlight on the remarkable surge in female enrolment in higher education, coupled with their significant representation in STEM courses, underscores our dedication to fostering gender equality and nurturing talent, essential pillars for sustainable growth.

While celebrating these achievements, it's imperative to acknowledge the need for some relaxation in the tax regime for startups and small businesses. Such measures would not only incentivize risk-taking but also bolster the entrepreneurial spirit, driving further innovation and growth in our dynamic startup landscape."

"In the pursuit of inclusive and sustainable development, the budget echoes the ethos of 'Sabka Saath, Sabka Vikas, and Sabka Vishwas,' weaving social and geographical harmony. Doubling the number of airports to 149 reflects a visionary stride which will boost the country's infrastructure and real estate. Our Finance Minister, Nirmala Sitharaman affirms a commitment to economic policies fostering enduring growth, guided by the principles of Reform, Perform, and Transform. In addition to the extensive infrastructure proposal, the Pradhan Mantri Awas Yojana (grameen) will encourage home ownership especially across income levels."

While we were expecting fiscal consolidation, but the budget took all by surprise by showing a low fiscal deficit of 5.1%. Moreover, the assumptions of nominal growth at 10.5% and tax growth at 12% are very realistic, thus leading credence to the deficit numbers. Govt has shown prudence not just in fiscal deficit, but also in allocation of funds. While the overall expenditure has grown by just around 6%, the capital expenditure has grown by 17%.

We have been bullish on bond yields, and the budget reinforces our view. The domestic demand for bonds will increase as PF, insurance and banks grow. The FPI demand for bonds is all but certain thanks to bond inclusion. In such a scenario Govt has reduced its gross borrowing by more than a lac crore. An increasing demand, and a decreasing supply makes 2024 a good year of bonds. We expect RBI to sell bonds to buffer the sharp fall in yields, however even then the yields fall should be significant.

"The budget aligns with the vision of 'Viksit Bharat', that of creating a prosperous nation in harmony with mother nature. We see the emphasis on modern infrastructure, including metro rail network and NaMo Bharat, as a significant catalyst for urban and industrial transformation. It is commendable to see the government's strategy to triple capital expenditure, fostering robust economic growth and job creation. The 11.1 percent increase in next year's outlay to 11,11,111 crore, constituting 3.4 percent of the GDP, reflects a visionary approach. The focus on building infrastructure aligns seamlessly with the government's vision for a resilient and prosperous India.

Very importantly, the provision of viability gap funding for offshore wind energy, establishment of coal gasification and liquefaction capacity, and the phased mandatory blending of compressed biogas in CNG and PNG, are welcome steps towards India's commitment to achieving 'net-zero' by 2070. These will lead to reduced imports and boost self-reliance, a very welcome approach to our sustainability goals.

The strategic economic railway corridor programs are bound to boost the energy, mineral, and cement corridors, ports connectivity, and enhanced and smoother traffic. These initiatives will undoubtedly propel infrastructural development and growth."

The Interim Budget 2024 was a quick and sharp one, with no major changes in the tax structure but a slight change in the fiscal policy, particularly in relation to expenditure, fiscal deficit, and support for rural and infrastructure development. The government maintained its focus on infrastructure development and connectivity, which will boost the real estate sector and the urbanization of the country. The extension of the tax sops for infra investments by sovereign/pension funds is a welcome move, as it will attract more long-term capital into the economy. The investors also appreciated the stability and predictability of the direct and indirect tax rates, which will foster a conducive environment for the capital and commodity markets. The budget also highlighted the importance of the GIFT IFSC, which is emerging as a robust gateway for global capital and financial services. The budget, however, was silent on some of the key issues, such as the direct overseas listing, the disinvestment, and the AIF industry. We hope that the final budget post-elections will address these issues and provide more clarity and support to the investment industry.

The mood in the education sector remains buoyant and the steady implementation of NEP 2020 is a positive sign. However, I would have expected some announcements regarding increased budget allocation for HEIs to bring about digital transformation and some systemic changes like the 'one nation one syllabus'. Attention also needs to be given to experiential and out-of-class learning. Hopefully, the next budget will focus on these aspects.

It was heartening to hear the Hon. Finance Minister mention the increase in higher educational institutes and women in STEM courses in the last 10 years. This is just the beginning. With Higher Education Institutions adopting inclusion and diversity in a big way, Along with the government's support, the future of the girl students in India is bright. We hope for more incentives for female students to enable them to march ahead in the academic space.

With regard to the pharmaceutical sector, the post-budget focus will be on the introduction of new programmes in Pharma to promote Research and Innovation in pharmaceuticals through Centres of Excellence. Institutions backed by robust infrastructure - both physical and manpower- will have the capacity to start innovative programmes. The pharmaceutical industry will be encouraged to invest in research and development in specific priority areas. Moreover, the Industry-Academia connection could be further strengthened. Existing institutions, especially those pertaining to medical devices, will be in a position to introduce multidisciplinary courses supported by the government to develop skilled manpower for futuristic medical technologies, high-end manufacturing and research. This gives impetus to good institutions to create self-sufficient skilled workers in the healthcare sector, improving the medical facilities and treatment in our country to support the vision highlighted by the finance minister.

The Budget for 2024-25 is a progressive one for the Indian economy. The finance minister has announced several measures that will boost the financial sector's digital transformation. The establishment of a Rs.1 lakh crore corpus with 50-year interest-free loans is a game-changer for smaller firms and startups, fueling innovation and growth across various sectors. The record capital expenditure outlay of Rs.11.11 lakh crore fuels optimism for increased private investments in the fintech ecosystem. The rise in GST collections indicates a robust economy, translating to increased investment opportunities. At StoxBox, we welcome the budget and look forward to building a more inclusive and innovative financial ecosystem for India.The reaction is positive and welcoming.

Embarking on the journey through the Interim Budget 2024-2025, it's crystal clear that the government's fiscal roadmap will have a profound impact on our economic landscape and, in turn, ignite ripples of excitement in the stock market. With a prudent approach, characterized by a targeted reduction in borrowing and an ambitious fiscal deficit target of 5.1%, the budget sets the stage for a vibrant financial future.As the CEO of StoxBox, I'm thrilled by the opportunities that lie ahead. The extension of tax exemptions for select sectors and the bold move to withdraw disputed tax demands promise to infuse our markets with a newfound vigor, propelling us towards unprecedented growth. These measures not only bolster investor confidence but also create an environment ripe for strategic investment and innovation. At StoxBox, we're poised at the forefront of this dynamic landscape, ready to harness the potential of these developments. Our eyes are set on identifying and seizing the most promising investment avenues, ensuring that our clients ride the wave of prosperity in the ever-evolving stock market. Join us as we chart a course towards a future brimming with limitless possibilities!"

"The interim budget speech delivered by the finance minister of India clearly focusses on fiscal consolidation, infrastructure spending, consumption and capital expenditure. The government continues the path of fiscal consolidation with the fiscal deficit estimated to be 5.1% of GDP for the financial year 2025. Providing an interest free loan towards technology spending by the youth of our country is a positive for the growth momentum. Also, consumption would likely boost by focusing on the agri economy. Lastly, the capital expenditure by the government continues to drive the whole eco system for the overall growth momentum of the country."

"The interim budget today took another big step forward in the remarkable journey of macro-economic stability that has been underway for some time now. We had dwelled on these in a recent communication including on the important implications that these may have for bond investors. While it was important to appreciate the context of the higher central government deficit of the past few years, it was nevertheless considered as probably the weakest aspect of India's overall macro-economic story. With the 80 bps fiscal consolidation on budgeted fiscal deficit between FY 24 to FY 25, and the finance minister's stated commitment to attain less than 4.5% deficit in FY 26 (implying at least another consolidation of 60 bps), India has now solidly ringfenced this aspect of our macro-economic story as well."

A very pragmatic & growth-oriented interim budget with continued focus on conservative revenue estimation and fiscal consolidation. The FM believes in under-promise and over-delivering on fiscal front. Lower borrowing in FY25 is expected to decline bond yields. This will be positive for the economy and will support in reaching our goal of $5T economy by end of 2027, in our view.

"I think of this budget in two dimensions, one being political, which is most important given the election year, and much of the work done has been discussed. It focuses on performance rather than promises. One thing that struck me is that while free electricity has been discussed in some states, here it has been achieved with minimal impact on electricity-generating companies by utilizing solar rooftop resources, essentially providing up to 300 units of electricity to households. The fiscal deficit target, currently at 5.8%, is expected to decrease to 5.1%, primarily due to maintaining the expenditure target well and ensuring that revenue collection, especially tax collection, has been on or even exceeded targets most of the time, purely through compliance. I still remember the 2016 Budget, which had GST and sales tax at 85,000 crores per month, now doubling to 1,65,000 crores per month, so that's a significant jump. Income tax collection has tripled, indicating that compliance has been maintained without making too many changes to the laws.

Over the last 10 years, tax rates for corporates have been reduced from 30% to about 22%. The personal income tax exemption limit has increased from 2.5 lakhs to 7 lakhs. Capex has almost tripled; I think the economy is in very good shape. Capital markets are expected to rise, and India is looking very attractive in terms of growth. The P/E ratios are slightly premium, but that's because the growth is good, and the inflation management targets are at the desired levels, around 6% odd, matching the increases in GDP, so effectively, there would be no impact on real income."

The budget's focus on buoying rural consumption by raising agricultural credit limits and PM Kisan payouts can unlock major growth opportunities for ecommerce companies in tier 2/3 regions. More money with rural consumers may drive online purchases of goods beyond just necessities.

While no major direct policy incentives were introduced for retail, income tax tweaks can improve sentiment and spending among urban middle income groups who form the core buying class for branded merchandise

The interim budget speech glaringly missed the opportunity to extend supportive policies specifically around furthering digital infrastructure and online consumer adoption. This remains imperative for deepening ecommerce reach across India's villages.

While certainly not a watershed event, the budget reaffirms the government's growth orientation amid a volatile global environment. The implied backdrop of stability and policy continuity remains a net positive for consumer facing sectors like retail and ecommerce in the long run.

Clarity around potential crowding out effects of rising public capital expenditure will be key to assess implications on private corporate expenditure. If businesses delay spending to watch fiscal deficits, advertising and technology investments by ecommerce firms may take a hit.

Measures aimed at improving women's participation in the rural workforce are a positive signal. More working women with financial autonomy can contribute significantly to the rise of women shoppers buying online, an important demographic.

"Budget 2024 paints an optimistic picture for India's aviation and tourism sectors. The significant increase in the number of airports to 149 over the last decade and the targeted expansion of existing airports highlights the government's dedication to fostering growth in aviation. With orders for over 1,000 new aircraft, conducive policies for leasing the sector are ready to address the demand.

Furthermore, the government's attention to tourism projects in islands, including Lakshadweep, opens up exciting possibilities for both sectors. There's substantial potential in promoting tourism, especially spiritual tourism, and encouraging states to develop iconic tourist spots and launch new airlines on those routes is a welcome start.

Finance Minister Nirmala Sitharaman highlighted the transformative decade for the Indian economy, emphasizing the government's commitment to "sabka sath sabka vikas." The focus on Garib Kalyan and direct benefit transfers through PM Jandan accounts has resulted in substantial savings, redirecting funds to empower the poor. Acknowledging systemic inequalities, Sitharaman stressed on empowering the poor, women, youth, and farmers. Notable initiatives include crop insurance for farmers, housing under PM Awas Yojana for rural women, and a fiscal deficit target of 5.1% for FY25. The doubling of GST tax base and collections showcases economic resilience. Importantly, no proposed changes in tax rates were announced.

Given this is an election year, the government prioritizing fiscal responsibility in its interim budget is commendable. The biggest win for the debt market:- Fiscal deficit of 5.1 % of GDP for FY24-25 was much lower than everyone expectation on street. This effectively translated in Gross Market Borrowing of Rs14.13 lakh crores and net borrowing of Rs 11.75 lakh crores. FY25 Market Borrowing looks manageable, thanks to reduced gross borrowing numbers and added comfort from potential foreign flows with inclusion in J P Morgan Emerging Market Bond Index. Importantly, the government maintained its focus on long-term growth by allocating a record high of more than Rs 11 lakh crore towards capital expenditure. This can be seen as disinflationary budget

The government has presented a very prudent Budget/Vote-On-Account for FY24-25. In an election year where stakes are very high, government has resisted the temptation, once again, for populism and instead shown excellent strategic sense by opting to continue on the path of fiscal consolidation.

The government is building in a 10.5% nominal GDP growth for FY25, a healthy 12% growth in revenue receipts. However spending growth is just 6%, within which revenue spending is expected to grow just 3% while the more productive capex spending is expected to grow 17% to INR 11.1 Trillion

The government's commitment to a 4.5% Fiscal Deficit by FY26 is indeed commendable. Towards that effect, it has pencilled in a fiscal deficit of 5.1% for FY25, better than most economists' estimates. This augurs well for overall economic credit creation as indeed for inflation and private capex revival.

The 17% increase in Capital Expenditure allocation on the back of a 3x increase over FY19-24 (from INR 3 trillion to INR 9.5 Trillion) indicates the continued thrust of the government towards infrastructure creation and driving the private investment cycle.

What is a bit of a dampener, however is lack of any big push for consumption. Consumption has been weak, especially in Rural India, as indicated by corporate earnings for last few quarters. The budget doesn't provide any near-term solution for quick revival for consumption.

I continue to remain bullish in the medium to long term.

"It is a fiscally prudent budget with conservative assumptions on tax revenues, nominal GDP etc. A big positive is the potential for interest rates to go down given the higher-than-expected drop in fiscal deficit. Overall we believe it enhances the macro stability of the economy."

"In an election year, the budget adeptly strikes a balance, prioritizing sensibility over populism. It showcases India's unwavering commitment to infrastructure development, coupled with a steadfast adherence to fiscal prudence. This paves the way for sustained growth, steering the nation along the trajectory towards achieving a developed economy by 2047."

"Prudent, not populist budget"

"There was an expectation that given it's an election year, the budget could tilt more populist with more support for rural sector. However, contrary to expectations, the government continues to be driven by development and fiscal prudence as the central focus. Given the economic growth momentum , there was need for assuring macroeconomic stability which has been judiciously crafted to give way for fiscal consolidation. The lower tax collection assumption could either be conservative or government signal to assume some growth moderation going forward. The government continues it capital expenditure spending with on Inclusive development with Agri, Infra (including housing) and Green ecosystem as the key thrust areas with an emphasis on Research and Technological developments. There was a need to support manufacturing momentum and way to revive rural economy. However, probably that could be part of the main budget that gets presented in July as government plans to showcase a pathway for Developed India."

"This is a very good budget for the bond market as the government chose fiscal prudence over populist spending. The budgeted fiscal deficit of 5.1% of GDP is lower than even the lowest of market estimates. Faster fiscal consolidation and consequent decline in the government's market borrowing should drive bond yields lower and bond prices higher. Another positive aspect is that the government has pegged only a moderate growth in the non-capex expenditure. This should keep inflation under check and provide enough headroom to the RBI to cut interest rates. We expect long term bonds to do well in 2024. Investors can capture this opportunity with dynamic bond funds which are invested in long term bonds."

"The Interim-Budget 2024 emphasizes strategic continuity across multiple areas, avoids short-term populist measures and displays fiscal prudence with FY25 Fiscal Deficit pegged at 5.1%, and a modest borrowing program which bond markets should to be happy with. Growth in Capex and the focus on Infrastructure spend should continue to help macro growth drivers, with cautious assumptions for tax collections. With no significant changes in the Direct tax regime and the extension of current tax concessions for start-ups and international investors should help provide assurance and stability for markets and taxpayers."

The Interim Budget demonstrates a strong commitment to fiscal prudence while simultaneously driving capital expenditure, according to . Finance Minister Nirmala Sitharaman adhered to the tradition of delivering a concise speech, lasting under an hour, just before the upcoming elections. No changes in tax rates on direct and indirect taxes were announced, likely reserved for the post-election budget.

Despite the absence of tax rate adjustments, the budget's macro perspective received positive acclaim, exceeding market expectations for fiscal consolidation. The fiscal deficit for FY24, at 5.8%, surpassed the budgeted 5.9% and the expected 6%, contributing to market optimism. Notably, the glide path for FY26 remains below 4.5%, and the budget sets a target of 5.1% for FY25, lower than the 5.3% anticipated by markets, marking a significant victory for maintaining fiscal discipline and buoying bond markets.

In terms of revenue estimates, the conservative 11.9% growth in tax collection for the upcoming fiscal year instills confidence in meeting fiscal deficit projections. Non-tax receipts, particularly dividends from RBI & PSUs, are set at 1.5 lakh crore for FY24 and maintained for FY25, indicating a robust outlook for the coming year.

The capital expenditure allocation for FY25 stands at Rs 11.11 lakh crore, reflecting an 11.1% increase over FY24. This substantial investment, especially in rail with an earmarked expenditure of 2.55 lakh crore, underscores the balanced fiscal approach. Further, the emphasis on rail and air connectivity is reinforced by plans to convert 40,000 rail bogies into Vande Bharat standards, the announcement of three major rail corridors, and the introduction of new air routes under the UDAN scheme.

Despite several positive aspects, there is a slight sense of disappointment regarding anticipated tax relief and a boost in consumer spending, particularly in light of the approaching general election. This sentiment may have a marginal adverse effect on consumer stocks.

In summary, the Interim Budget's key takeaways include a commitment to fiscal prudence, sustained growth in capital expenditure with a focus on infrastructure and connectivity, and a deliberate avoidance of populist measures leading up to the general elections.

As expected, the interim budget did not usher any surprises with no myopic measures announced. The government continued with its focus on infrastructure and increased the capex outlay by 11% covering railways, ports and aviation sectors. The government has walked the tight rope and followed a further fiscal consolidation path by promising to manage its finances well for FY25. The government did not bow down to the populist measures in the election year and kept the tax regime unchanged. Our overall reading is that the government has shown prudence in managing the various facets of economy and remains committed to the long-term vision of making India a developed economy by 2047.

FY25 gross market borrowing is pegged at Rs 14.13 lakh crore is lesser compared to current fiscal year budgeted borrowing of 17.86 lakh crore. Lesser borrowing by the government will be beneficial for the private sector and households as it will put more money on the table for them. The India 10 Year Bond Yields slipped below the 7.1% triggering a sharp rally in the bond markets. This will also pave the way for RBI to start cutting rates sooner compared to other economies.

"The hallmark of this interim Budget is its fiscal rectitude. The fact that the Government has prioritised fiscal consolidation over populism on the eve of general elections is commendable. The fiscal deficit numbers of 5.8 % in the revised estimates for FY24 and 5.1% for FY25 are better than the most optimistic expectations. This is very good news for the economy and consequently for the market. The boost to housing is another important proposal from the market perspective since this will benefit industries like cement, steel and all construction related segments."

The budget is fully aligned to vision 2047 with GDP defined as Governance , Development & Performance on the principle of reform, perform and transform. The path to fiscal consolidation with fiscal deficit pegged at 5.1% shows government commitment to its promises . Overall a fascinating budget covering all sections of society especially towards the research and innovation initiatives by our youth.

Foreign Trade - "India's entry into the Kartavya Kal has been announced with the India Middle East-Europe trade corridor which supports India's unfettered commitment to national development and ambitious vision to transform into a developed nation by the centenary of its independence in 2047. This corridor is expected to positively impact and facilitate world trade and India's trade in GCC region."

MSME - "Keeping up with the promise of First Developed India (FDI), the 2024 Union Budget has prioritized strengthening and aiding the MSME sector to compete in the global market by meeting their investment needs, improving/ advancing the technology and liberalizing the regulatory space. With India being the hub of global trade, empowering small and medium businesses to compete in the global market was a much awaited move."

"The vote on account budget typically is expected to be and comes around as populist. However with the incumbent government, it has not always been the case, with the focus being on specific areas for development. Acronyms are also a regular twist; the new one being FDI - First Develop India, with the focus on bilateral trade treaties to encourage and boost investment. As expected therefore, there is no proposal for change in taxation rates or import duties. Tax benefits available to startups upto March 31, 2024 is proposed to be extended to March 31, 2025. Additionally, investments by pension funds and sovereign wealth funds will also continue to get the tax benefit upto March 31, 2025. Benefits may also be extended to IFSC to keep the interest continuing in the concept and the likely encouragement from the government in the long term."