Shri Ashishkumar Chauhan, the MD & CEO of the National Stock Exchange (NSE), gives the Interim Budget 2024 a perfect 10/10. Praising the budget for its unwavering focus on growth, welfarism, and fiscal restraint, Chauhan commends the government’s commitment to continuity in policies and taxation. The budget’s emphasis on capacity building, marked by increased spending on both hard and soft infrastructure, is highlighted by Chauhan as a crucial step towards job creation. Particularly noteworthy is the allocation for the underprivileged, farmers, women, and youth, indicating a comprehensive approach to economic growth in the face of global uncertainty.
The revised fiscal deficit for FY23-24 at 5.8% represents a 10bps improvement from the initial estimate, showcasing fiscal prudence. The government’s commitment to fiscal consolidation is evident, with the fiscal deficit for FY24-25 reduced to 5.1%, surpassing expectations and a promise of achieving a sub-4.5% target by FY25-26.
Chauhan applauds the record-high capex outlay of Rs 11.11 lakh crore, equivalent to 3.4% of GDP—the highest in 26 years. The focus on roads, transport, and railways signals a CAGR of 27% in the last five years, with capital expenditure reaching 23.3% of total expenditure—the highest in three decades.