The government has steered clear of a populist Budget in what is the last full Budget before the general elections scheduled next year, analysts said on Wednesday.
Motilal Oswal, MD & CEO, Motial Oswal Financial Services, said the Budget remains focused on long-term economic growth through capex and sops to boost consumption for the middle-income group. This would support strong corporate earnings with positive bias for sectors like infra, housing, cement, capital goods, auto and tourism. Despite the upcoming state elections, the government did not deliver a populist Budget and tried to maintain fiscal prudence, Oswal said.
Vinod Nair, Head of Research at Geojit Financial Services, said the market had mixed expectations on the budget presuming to be populist and low elbowroom for the government ahead of the slowing economy, high inflation and interest rates.
George Thomas, Fund Manager - Equity, Quantum AMC, said the government has chosen higher capital expenditure as the main catalyst to stimulate the economy than any major consumption boost. Budgeted capex has a robust growth of 37 per cent over the revised estimates of the current year.
Thomas said despite being the last full Budget prior to Lok Sabha elections, the absence of major populist measures is positive.
The Budget lacked any major direct measures to stimulate consumption and rural economy. Absence of any changes in capital gains tax rate is a relief. Overall, the fiscal consolidation pathway and robust infra spends would support the broader economic growth in the medium term.
Sachin Menon, Partner and Head, Indirect Tax, KPMG in India, said that kudos to the Finance Minister and her team for pulling off a growth-oriented Budget without much populism in a pre-election year.
Manipur: Security forces nab eight militants with arms, ammunition
In a series of successful joint operations, Assam Rifles, in coordination with Manipur Police, apprehended eight hardcore militants from different locations of three districts in the violence-hit state, officials said on Wednesday.
Tripura’s unemployment ratio less than national average, says CM Saha
Of the 2,806 candidates, 2437 multi-tasking staff (Group-D) would be posted in 37 departments while 369 pharmacists and laboratory technicians would be posted in the health and other departments, Saha said and termed the day in providing government jobs as historic.
PM Modi presenting NE region as ‘Astalakshmi’: HM Amit Shah
Union Home Minister Amit Shah on Wednesday said that Prime Minister Narendra Modi, considering the huge development and enormous resources of the eight northeastern states, is presenting the region before the country as ‘Astalakshmi’.
BJP set to storm back to power in Delhi after 27 years: Exit polls
A poll of seven exit polls predicted 42-49 seats for the BJP in the Assembly election to end its 27-year jinx, signalling an end of Arvind Kejriwal’s winning streak in Delhi after three back-to-back victories. The final results will be declared on February 8.
India's gold investments surge 60 pc to Rs 1.5 lakh crore in 2024: Report
Gold investments in India saw a significant surge in 2024 with a rise of 60 per cent in value terms to reach $18 billion (approximately Rs 1.5 lakh crore) compared to 2023, according to a report on Wednesday.
Fate of 699 candidates sealed as voting for Delhi polls ends
A total of 1.5 crore eligible Delhi voters sealed the fate of 699 candidates in the Assembly election on Wednesday to pick a new 70-member House with the turnout hovering around 60 per cent till reports last came in at 6 p.m., an official said.
PM Modi condoles demise of eminent philanthropist and spiritual leader Prince Karim Aga Khan
Calling him a visionary who dedicated his entire life to service and spirituality, Prime Minister Narendra Modi on Wednesday condoled the demise of noted billionaire philanthropist and spiritual leader Prince Karim Aga Khan IV.
57.70 per cent voter turnout recorded in Delhi Assembly polls
Voting to pick a new 70-member Delhi Assembly continued peacefully on Wednesday as the turnout touched 57.70 per cent till 5 p.m. with the ruling AAP eyeing a fourth straight win and the BJP putting up a tough fight to return to power after 1998.