Budget 2024: Govt to keep infra development, manufacturing in focus, says Sonam Udasi of Tata Mutual Fund

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Sonam Udasi, Senior Fund Manager at Tata Mutual Fund expects the Budget 2024 to continue on its stated path of fiscal deficit targets. Moreover, Udasi does not expect a populist budget ahead of the General Elections 2024. In an interview with Mint, Udasi shared his views on markets and the rise of retail investors.

Edited excerpts: We expect the Budget 2024 to continue on its stated guide path of fiscal deficit targets. Focus on infrastructure development and measures to enhance Indian manufacturing competitiveness should continue unrelentingly in our view. Also Read: Major announcements in the upcoming Budget unlikely; India on the cusp of huge growth, says Sandeep Raina of Nuvama This government has continually shunned short-term populism and focused on long-term productivity benefits.

We think the same would continue. Also Read: Budget 2024: Expect some relief on the personal income tax front, says Amitabh Mohanty of JM Financial Nifty 50 has underperformed the S&P 500 in 2023. What is your outlook for the domestic market in 2024? Nifty 50 has done well over the last one year and is at a decent premium to global markets.

So in the short term, it may continue to lag behind its global peers. That being said, medium-term trends may look fine for Indian equities considering the continued broad basing of the Indian economy towards manufacturing prowess. Also Read: Nifty 50 up 18% year-to-date, gains 9% in last two months; what should be your equity strategy? Here's what experts say India is at the start of a major transition to deepen manufacturing strengths across sectors like electronics, defence, railways, renewables, energy storage and auto components to name a few.