Budget 2024: S Naren on India's fiscal prudence and market implications
«See, in a country like India which is not a rich country, you have to continuously find avenues to tax and you have to use the tax revenues in the right way and continue the growth momentum and you have to ensure that jobs are created,» says S Naren, ED & CIO, ICICI Prudential AMC.
What is your take on budget?
S Naren: See, the government over the last decade has managed macro very-very well. Every year, they have looked and seen which are the areas where they can actually afford to increase taxation and not hurt the sectors. So, I think they have done a brilliant job if you look at it. The market can absorb it. Otherwise, the market reaction today would have been quite different, that is the reason why it is a great budget at this point of time.
See, in a country like India which is not a rich country, you have to continuously find avenues to tax and you have to use the tax revenues in the right way and continue the growth momentum and you have to ensure that jobs are created.
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And on that count, it has been a great job done, actually on the macro side. That is why India has G-Sec yields which have not gone up in the last three years whereas you look at government securities yield in most of the developed markets they are going up and their macro is looking bad, so
