Synopsis The higher spending, tax cuts and supportive policies announced in India's Budget for 2023-24 are expected to support sustained demand growth and improve the longer-term prospects for corporates. ANI India's Budget to sustain demand for corporates: Fitch Ratings The higher spending, tax cuts and supportive policies announced in India 's Budget for 2023-24 are expected to support sustained demand growth and improve the longer-term prospects for corporates, said Fitch Ratings . "We believe the tax cuts will boost consumer sentiment and maintain consumption growth, amid expectations of slower economic growth after the financial year ending 31 March 2023 (FY23)," said the rating agency after India presented on February 1 its annual Budget for the next financial year.
The announced income tax cuts will benefit the disposable incomes of consumers of all income groups, it said. The income tax rebate limit available for salaried and individual taxpayers under the new income tax regime, introduced in 2020, has been hiked to Rs 7 lakh from the present Rs 5 lakh. Budget 2023 5 strategies Budget has taken note of based on .
. . Budget 2023-24: Where is the govt spending more.
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. . Higher investment limit in saving schemes aimed.
. . Budget democratises ownership of homes Balancing growth priorities with fiscal consoli.
. . Capex Challenge: 33-35% hike propels economy th.
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. . 1 2 3 4 5 6 7 8 9 10 11 12 Further, the rating agency said a larger budget allocated to infrastructure and the government's good execution record over the last few years bodes well for sectors, such as cement, steel and construction.
For the record, the Budget document proposed to increase capital expenditure spending by 33 per cent to Rs 10 lakh crore, focusing on augmenting core infrastructure assets, including roads, railways, airports and logistics. "The planned capex is more than double the spending in FY21 and more than thrice that in FY19, underscoring the government's focus on boosting the country's infrastructure," it noted. "Growth in demand from the infrastructure end-market - which constitutes between 25-30 per cent of cement demand - will be positive as we view it as a more stable end-market than housing.
" Cement and steel demand will also benefit from the 66 per cent increase in spending allocated to the government's programme to provide subsidised loans for affordable housing under the PM Awas Yojana scheme. The outlay for Prime Minister Awas Yojana (PMAY) has been enhanced by 66 per cent to over Rs 79,000 crores, announced Finance Minister Nirmala Sitharaman while presenting the Union Budget 2023-24 in Parliament . Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp.
click here! Sunday, 05 Feb, 2023 Experience Your Economic Times Newspaper, The Digital Way! Read Complete Print Edition » Front Page Pure Politics Bottom Line Deep Dive More FM on Adani Row: Regulators to Take Appropriate Action Finance minister Nirmala Sitharaman said financial market regulators will do what is “appropriate” on matters related to the Adani Group, which has been targeted by short seller Hindenburg Research. Headcount Falls in Q3 as Tech Hiring Frenzy Gets Real The top seven IT services exporters listed in India together posted a fall in headcount as on December 31 from three months earlier, suggesting that the companies that were on a hiring frenzy for several quarters have become cautious amid concerns of a slowdown in their biggest markets. Surveillance Measures in Place to Deal with Volatility in Specific Stocks: Sebi The Securities and Exchange Board of India (Sebi) said Saturday it has observed an “unusual price movement in the stocks of a business conglomerate” in the past week, without specifically mentioning the Adani Group, and added that it has put in place “surveillance measures to address excessive volatility in specific stocks”.
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