Budget with BS: 'We are in one of the biggest market booms', says Motilal Oswal's Raamdeo Agrawal
Latest updates: Catch all the updates on the analysis of the Union Budget for FY25 here
Budget With BS
Budget with BS latest updates: Catch the in-depth analysis of the Union Budget for FY25 and its implications for India’s Viksit Bharat vision here. This discussion seeks to examine the Budget's impact on India’s economic future and development goals.
Union Finance Minister Nirmala Sitharaman had announced nine priorities of the central government that Union Budgets over the next five years will address. These are -- productivity and resilience in agriculture, jobs, social justice, urban development, energy security, infrastructure, innovation, and reforms. The finance Minister also revised the tax slabs under the new regime. She also raised the standard deduction from Rs 50,000 to Rs 75,000 to benefit the middle-class class. Further, to boost job creation, Sitharaman announced the Employment-linked Incentive scheme. Additionally, to promote self-employment, Sitharaman announced that loan limit under MUDRA loan scheme will be doubled from Rs 10 lakh to Rs 20 lakh. In another major announcements, the finance minister did away custom duties on import of critical minerals. She also slashed custom duty on gold and silver.
Union Finance Minister Nirmala Sitharaman had announced nine priorities of the central government that Union Budgets over the next five years will address. These are -- productivity and resilience in agriculture, jobs, social justice, urban development, energy security, infrastructure, innovation, and reforms. The finance Minister also revised the tax slabs under the new regime. She also raised the standard deduction from Rs 50,000 to Rs 75,000 to benefit the middle-class class. Further, to boost job creation, Sitharaman announced the Employment-linked Incentive scheme. Additionally, to promote self-employment, Sitharaman announced that loan limit under MUDRA loan scheme will be doubled from Rs 10 lakh to Rs 20 lakh. In another major announcements, the finance minister did away custom duties on import of critical minerals. She also slashed custom duty on gold and silver.
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For entrepreneurs, it's time to raise equity capital from the market: Nilesh Shah, Kotak Mahindra AMC
"For entrepreneurs, it's time to raise equity capital from the market and use it to acquire technology or invest in R&D," said Nilesh Shah, Kotak Mahindra AMC.
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The gap betwen fixed income and equity taxation favours the latter: Prashant Jain
Prashant Jain, founder and chief investment officer at 3P Investment Managers said, "The gap betwen fixed income and equity taxation favours the latter. It is not in a bubble.. only some pockets in small and midcap. The 70% of the market is at reasonable value. Earnings have grown massively in recent years, but now that the base is high, the growth will be slower but will still be healthy enough if it's around 15 per cent."
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We are passing through one of the biggest boom in the market: Raamdeo Agrawal
"We are passing through one of the biggest boom in the market.. the retail boom. With the addition in retail investors and the retail inflow growing, foreigners are also tired of selling. Domestic are also sitting on cash. The flow is relentless at Rs 70-80k cr coming every month. A lot of shift is there from FD to the markets. There is a lot of liquidity," said Raamdeo Agrawal, Co-founder & Chairman, Motilal Oswal Group during 'Budget with BS' hosted by Business Standard.
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Indexation should have been withdrawn on prospective basis not retrospective effect: Nilesh Shah
"Indexation should have been withdrawn on prospective basis not retrospective effect. Otherwise, removal of indexation is fine," said Nilesh Shah, Kotak Mahindra AMC.
6:32 PM
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Our competition is with China, Vietnam, and Singapore: Raamdeo Agrawal
On taxing overseas investors, Raamdeo Agrawal said, "We compare with US. Our competition is with China, Vietnam, and Singapore. Such countries don't have capital gain tax. If we don't want foreign flows, then we can let go of it."
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Atithi Devo bhava is good for tourism but not for investors: Nilesh Shah, Kotak Mahindra AMC
"We have only covered half a distsnce. If a foreign investor trades in doemstic market they are taxed as a capital gains. For Indians, trading in the derivative markets are taxed as other income. This anamoly has to be removed. Atithi Devo bhava is good for tourism not here," said Nilesh Shah, Kotak Mahindra AMC.
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Sebi is working to bring down the speculative activities in the F&O market segment: Andrew Holland
"Sebi is working to bring down the speculative activities in the F&O market segment. This along with the hike in STT will likely to have the desired impact," said Andrew Holland, CEO of Avendus Capital Public Markets Alternate Strategies.
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Govt should prioritise selling stake in low float PSU stocks: Nilesh Shah, Kotak Mahindra AMC
Managing Director of Kotak Mahindra Asset Management Company Limited, Nilesh Shah said, "Government should prioritise selling stake in low float PSU stocks. Some PSUs are trading at high valuations vis-a-vis their peers due to low float."
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stability in taxation and continuity in policy appealed in the budget: Prashant Jain
Prashant Jain, founder and chief investment officer at 3P Investment Managers said, "Stability in taxation and continuity in policy appealed in the budget. Incentive on equity over fixed income has gone up."
6:11 PM
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Budget has made long term investment less attractive and investments in gold more attractive: Raamdeo Agrawal
"Budget has made long term investment less attractive and investments in gold more attractive. It is a significant jump in years to come," says Raamdeo Agrawal, Co-founder & Chairman, Motilal Oswal Group.
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The increase in mcap of PSEs is reflective of the better management: TV Somanathan
During the Business Standard's discussion 'Budget with BS', Finance Secretary TV Somanathan said, "We don't compare ourselves with city states like UAE and Singapore. There is no large economy which does not have income tax. City states are not our exemplars when it comes to taxation. We will not be able to have the kind of taxes which they have and we don't intend to. We are a large economy with 1.4 billion people. We are not a oil economy, an entreport or capitalist branch of a communist economy."
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We will look at maximising our returns: TV Somanathan
On disinvestment, Finance Secretary TV Somanathan said, "There is a change in the emphasis. It is to look at it the way an investor would. We will look at maximising our returns."
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'Apart from RBI we have seen a big increase in dividends both from banks and PSEs'
"Non-RBI part of dividend is sustainable and it will grow at least at the rate of nominal GDP."
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Philosophy of Atma-nirbharta conitnues to be the guiding force: TV Somanathan
Finance Secretary TV Somanathan said, "We are following the phased manufacturing programme and not committing the mistake that is often made with infant industry arguments that is the infant doesn't grow up."
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It is not necessarily true that removal of indexation causes loss: TV Somanathan
"It is not necessarily true that the removal of indexation causes a loss because the rate of tax has come down from 20 per cent to 12.5per cent," says Finance Secretary TV Somanathan.
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First Published: Jul 31 2024 | 2:50 PM IST
