Budget 2023 positive overall but non-event on personal taxation front, says Raamdeo Agrawal

Finance Minister Nirmala Sitharaman on Wednesday, presented her fifth Union Budget and the last full budget before the Lok Sabha Election 2024. The budget is being deemed as a budget for the middle class. The FM announced providing a strong impetus to growth and job creation as one of the key focuses of the national budget. The other two were facilitating ample opportunities for citizens, especially the youth, and the strengthening of macroeconomic stability.

Speaking to CNBC-TV18, Raamdeo Agrawal, Chairman & Co-Founder of Motilal Oswal Financial Services said, budget 2023 overall has been positive but is a non-event on the personal taxation side.

"There was nothing adverse on capital gains, so that is good. The actual mobilisation was also just about Rs 30,000-40,000 crore. So I think it is a non-event for personal taxation. It is a status quo situation and that is very good," Agrawal said.

Agrawal expects the markets to bounce back post the budget announcement of GDP growth of 6.5-7 percent.

"For whatever reason, market has corrected somewhat before the budget. So, with budget behind us, the market has a natural tendency to bounce back which is happening right now. My sense is that the growth orientation which was there in the budget of 6.5-7 percent kind of growth, there seems to be lot of confidence that, that is going to come through, so that should reflect in earnings of companies. Banks have also corrected quite a lot and that is where big action is right now," Agrawal said.