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-India's growth at 7 pc in current fiscal highest among major economies; Indian economy on right track: Nirmala Sitharaman., focus on includes macro stability, technology and knowledge based economy.
-The Budget is based on 7 priorities:
1.Green growth 2. Youth power 3. Inclusive development 4. Reaching the last mile 5.Infrastructure and investment 6.Unleashing the potential 7. Launch of digital platform
-Outlay for PM AWAS Yojana up 66% to Rs. 79,000 cr
- Outlay for PM AwasYojna increased by 67% YoY to Rs. 79,000 cr + Key positive for Rural Economy
- 157 new nursing colleges
- Total capital investment increase by 33% to Rs. 10 lac cr
- Railway outlay is highest ever, 9x of 2014.
- 50 additional Airport for better Regional Connectivity
- Positive for Aviation sector and Airport management companies
- Effective capex will be Rs. 13.7 lac cr, forming 4.5% of GDP
- Investment of Rs. 10,000 cr per year on urban infra - Budget – Plans to increase PM House scheme outlay over Rs. 79,000 cr – positive for Housing sectors.
- Increase FY24 capital investment outlay by 33% to Rs. 10tn - positive for L&T, ABB, BHEL, Cummins
- Agri Credit target increased to Rs. 20 lac cr.
- This is key positive for Agri and Agri equipment sector, Benefitting Tractor Industry - Key Beneficiary M&M and Escorts Kubota
- Outlay for PM AwasYojna increased by 67% YoY to Rs. 79,000 Cr+ Key positive for Rural Economy
- Millets, Artisans, Agri credit, Micro Entrepreneurs, Small Farmers -focus areas
- Agriculture credit target expanded to Rs 20 lakh crore.
- Decentralised storage capacity will be set up that will help farmers store their produce
- The budget envisages India becoming a global hub for Sri Ann
- The 50-year, interest free loan to states for capex purposes has now been increased to Rs. 1.3 lac cr, 30% more than what was allocated for FY23
- The 50-year, interest free loan to states will be part of the Centre’s capex. While budgetary support for capex has been pegged at Rs. 10 lac cr, the effective capital expenditure of the government has been estimated at Rs. 13.7 lac cr for FY24.
-100 labs for Research on 5G development - Positive for Telecom Sector and Towers industry
- To provide Rs. 5,300 cr assistance to drought-prone central region of Karnataka
- Outlay for Green growth at Rs. 19,000 cr + to boost alternate fuels and curb fossil fuel usage - Positive for EV segment and Renewable Energy sector
- With a bumper increase in Capex, PM AwaasYojna and hike in Railway capex, the Budget has targeted job creation and infra development
- Target to reach green hydrogen production of 5 mmt by 2030, Positive For Infra, Cement, Capital Goods, PVC Pipes Sector
- VISION 2070 Net zero carbon emission
- Green Hydrogen mission target is to reach 5MMT by 2030
- Rs. 35,000 cr for energy transition and Net zero carbon emission
- Battery storage will be supported with viability gap funding
- 1 crore farmers to adopt natural farming over the next 3 years - Positive for Agri sector
-Allocates Rs. 20,700 cr for renewable energy plan in Ladakh
- Rs. 35,000 cr priority capital towards energy transition
- For enhancing ease of doing business, more than 39,000 compliances have been reduced, over 3,400 legal provisions decriminalised.
- For the business establishments required to have a permanent account number, the PAN will be used as a common identifier for all digital systems of specified government agencies
- Gobardhan scheme to have outlay of Rs. 10,000 cr
- In the next three years, the Centre will recruit 38,800 teachers and support staff for 740 schools serving 3.5 lakh tribal students
- Vehicle replacement could push strong volumes for auto sector
- National Digital Library for children and adolescents will be set up for facilitating the availability of quality books across geographies, languages, genres and levels and device-agnostic accessibility. States will be encouraged to set up physical libraries for them at panchayat and ward levels and provide infrastructure for accessing the National Digital Library resources
- To boost credit growth for MSME, Rs. 9,000 Cr allocated as additional collateral, which would provide additional collateral free credit of Rs. 2 lac cr to MSMEs
- Revamped Credit growth scheme for MSME would be effective from 1st April 2023.
- Deposit of Rs. 4.5 lac raised to Rs. 9 lac on Single account and Rs. 9 lac to Rs. 15 lac for joint accounts
- FY24 fiscal deficit estimate at 5.9% of GDP, positive surprise as against street expectations of 6-6.5%
- The Indian Railways capex is Rs. 2.4 lac cr in FY24, up 66% YoY
- The funds will be spent on building railway tracks, wagons, trains, electrification, signalling, and developing facilities at stations while focusing on safety
- Positive for KEC International, Kalpataru power, L&T, ABB
- Reduced customs duty on open cells of tv panels to 2.5%
- Extend customs duty cut on imports of parts of mobile phones by 1 yr
- Positive for Dixon tech
- 16% increase in National Calamity Contingent Duty (NCCD) on certain cigarettes, negative for ITC
- Govt. to reduce customs duty on shrimp feed to promote exports
- Taxes on cigarettes hiked by 16%
- Basic import duty on compounded rubber increased to 25% from 10%.
- Basic customs duty hiked on articles made from gold bars
- Customs duty on kitchen electric chimney increased to 15% from 7.5%
- Customs duty on parts of open cells of TV panels cut to 2.5%
- Govt proposes to reduce customs duty on import of certain inputs for mobile phone manufacturing
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