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HDFC Securities Institutional Equities
The FY24-25 interim union budget had no big-bang policy announcements, but bias is still investment-led growth though the quantum is smaller. No dole-outs to boost consumption as fiscal prudence gains prominence.
Downward revision of the fiscal deficit target for FY24 at 5.8% from the budgeted 5.9% was a positive surprise. It was led by higher than budgeted income tax collection, RBI and public sector undertaking dividend and capex savings (Rs 0.5 trillion) despite lower nominal GDP growth.
Key announcements:
Rooftop solarization: 10 million households will be enabled to get up to 300 units of free electricity per month.
Three major railway corridors will be constructed under PM-Gati Shakti to improve logistical efficiency.
Cervical cancer vaccinations for girls will be encouraged.
Under PMAY (Grameen), 20 million new houses will be built (currently 30 million houses have already been constructed).
States will be encouraged to promote and develop iconic tourist centres.
Withdrawals of outstanding tax demands (up to Rs 25,000 until FY10 and up to Rs 10,000 for the period FY11-15) benefitting approx. 10 million taxpayers.
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