Post Budget Reaction for Equity Markets from Mohit Ralhan, Chief Executive Officer, TIW Capital
"It’s a forward-thinking budget with a focus on creating a blueprint to make India the third-largest economy. This budget has kept all constituents of the economy in mind, be it infrastructure building, creating manufacturing jobs, marching towards green energy, middle-class taxpayers, rural welfare and poor citizens. Bridging the infrastructure deficit is the top priority for this decade and the increase in capital expenditure by 33% along with the highest-ever allocation to railways is a big step in this direction. The announcement of several favourable indirect tax proposals, such as a reduction in the highest surcharge rate to 25% from 37%, a reduction in customs duties, etc. should boost domestic manufacturing creating much-needed employment opportunities. The government continues to emphasize on the transition to green and India’s commitment to reach a zero net carbon emission status. The 66% increase in allocation to PM Awas Yojna and the increase in tax exemption limit to INR 7 lakhs should result in an increase in consumption spending. The government has skilfully walked the tightrope between job creation and controlling the fiscal deficit, with the target of getting it below 6% of GDP. overall, I believe this budget has hit all the right notes and provided the right impetus to propel India as a leading economic powerhouse" –
Mohit Ralhan – Chief Executive Officer, TIW Capital