Budget Reaction from TKM as attributed to Mr. Swapnesh R Maru, Deputy Managing Director – Corporate Planning, Finance & Administration and Manufacturing, TKM
“Budget 2024 distinctly focuses on fostering growth by emphasizing on substantial allocation not only towards achieving self-reliance but also fortifying India’s position as a global hub for business. The fiscal discipline demonstrated by following the glide path to bring the deficit to 5.8% of the GDP for FY24 and also targeting to further lower to 5.1% in the next fiscal, showcases a prudent approach to economic management and is set to bolster the economy further thereby reducing pressure on rupee. The capital outlay of 11.11 lakh crore rupees towards infra development with a focus on airports, road network and enhancement of railway connectivity is significant and will spur infrastructure growth leading to optimised logistics and operational costs that will also attract foreign investments. Renewed focus on R&D is also a great news for strengthening India’s position as a global hub for technology and manufacturing as it brings the potential to make India an attractive destination for global businesses that are looking to relocate.
From an auto industry perspective, the Government has allocated significant resources to strengthen the green energy sector towards realising nation’s ambitious Net Zero target by 2070. Financial support for biomanufacturing and biofoundry will stimulate green growth and modern innovations playing a pivotal role in fostering a circular economy that benefits agricultural income. The measures towards expansion and strengthening of the EV ecosystem to support manufacturing and charging infrastructure will act as a catalyst for an era that will encourage alternate, cleaner and efficient powertrains on roads.
Overall, we appreciate the Honourable Finance Minister for the balanced budget as it sets the tone for the years to come by displaying strong commitment towards the creation of a self-reliant and economically strong India.”
Budget Reaction from Paritosh Kashyap, President & Head of Wholesale Banking Group, Kotak Mahindra Bank
“The budget’s strategic measures have not only solidified India’s status as one of the world’s fastest economy but also paved the way for rapid expansion, positioning the nation on a trajectory to reach $5- trillion mark. The advancements outlined will accentuate the remarkable ascent of India’s equity markets as a the fourth-largest, underscoring the resilience and potential of our economy and the landscape on the global stage. The measures announced have not only contributed to our economic resilience but have also addressed critical sectors such as real estate, logistics, GCCs and many others, which will lead to sustainable growth path. The holistic approach has also acted as a catalyst to foster financial inclusion and a cashless economy in our nation.”
Budget Reaction from KVS Manian, Whole Time Director, Kotak Mahindra Bank on the Interim Budget
“The finance minister has rightly chosen the path of fiscal consolidation. The aim to bring the fiscal deficit down to 5.1% of GDP for FY25 is lower than general expectations of 5.2-5.4% and that is very heartening. The minister is showing strong intentions, ahead of the election year, to adhere to the fiscal consolidation path will be well received by rating agencies as well as the global investors that are eyeing India as an attractive investment destination.”
Budget Reaction from Manish Kothari, President and Head Commercial Banking, Kotak Mahindra Bank on the Interim Budget.
“A directionally positive interim budget – supporting continuity of all critical commitments made by the Govt related to – (a) Fiscal rectitude (managing, both the fiscal deficit for this year at 5.8% as well as confirming the estimates at 5.1% for the coming year and below 4.5% for the year after) and reducing the borrowings for the next year, leaving room for the private sector; (b) Continued capex growth in Infra with an increased outlay of 11.11 L crore and in Railways, Aviation, etc. – for a multiplier effect on the ground; and (c) Continued focus on supporting the four broad pillars (Poor, Women, Youth and Farmers) through various schemes – in a way lifting the bottom of the pyramid for overall progress of the nation!
Sometimes not wavering and treading the beaten path is the best thing!”
Budget Reaction from Shanti Ekambaram – Whole-time Director, Kotak Mahindra Bank
“The Budget pivoted around governance, development, and performance. There was continued focus on outlay for financial inclusion, Infrastructure spends, path to fiscal consolidation of 4.5% by FY’26 and bring focus to innovation by allocating 1 lakh crs to “Sunrise Industries” through interest free loans to the private sector. The focus on sustained infrastructure spending, up by 11.1% to Rs 11 lakh crore, containing fiscal deficit to 5.1% of the GDP. The FM’s look-back in which she took us through the broader socio-economic development that we have achieved in the last decade seems very impressive; the focus on building all forms of infrastructure, physical, digital or social, in record time and creating an inclusive economy in which everyone is becoming an active participant are steps in the direction of India becoming a developed nation sooner than 2047. Overall the FM’s “vote on account budget” provided a futuristic vision to a 7 Trillion economy and growth path”
