In an interaction with CNBC-TV18, market veterans Madhu Kela, Founder of MK Ventures, Ashok Wadhwa, Group CEO of Ambit, Prashant Khemka, Founder of White Oak Capital Management, Raamdeo Agrawal, Chairman and Co-founder of Motilal Oswal Financial Services, and Nilesh Shah, Managing Director of Kotak Mahindra AMC, shared their take on Budget 2024 presented by Finance Minister Nirmala Sitharaman on February 1.
According to Ashok Wadhwa, the two key takeaways are the fiscal path or borrowings, and continuing expenditure on infrastructure.
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Madhu Kela said there was nervousness in the market that the government may deviate from the fiscal path, "but not only have they adhered to it, but they have also given a clear direction for 2026 of adhering to 4.5% of the fiscal deficit. So, from the market perspective, this is the best possible outcome for this Budget.”
Kela remains optimistic on public sector banks, and has a positive outlook on overall capital expenditure, particularly focusing on the engineering, procurement, and construction (EPC) companies that remain relatively undiscovered by the market.
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Raamdeo Agrawal highlighted that the government accelerated capital expenditure to stimulate economic recovery post-COVID. Now, with the economy finding its rhythm, there is a deliberate pause to let the private sector take the lead. He believes the trajectory will depend on the evolving interest rate scenario and the strength of the private sector response.
Prashant Khemka called the Budget as one of continuity, highlighting its most significant positive aspect – the fiscal deficit estimates of 5.1%. He dispelled concerns about a populist budget, emphasising that, for an interim budget, it stands out for its continuity, fiscal prudence, and a simultaneous increase in capital outlay.
(Edited by : Shweta Mungre)
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