ETMarkets Fund Manager Talk: Capex investment likely to be enhanced in Budget 2024: Vinay Jaising, JM Financial

economictimes.indiatimes.com:

A stable economy, coupled with impressive tax collections in GST as well as advance income tax should give the current government the power to maintain its capex investments in the Budget, says Vinay Jaising, managing director and co-head, portfolio management services at JM Financial Services. “Capex investments have grown 5.6x in the last decade and now account for 3.3% of the GDP. This should enhance in both the interim and the final budget for the year,” Jaising said in an interview with ETMarkets.
He also believes that 2024 would be the year for Indian equities on both an absolute and relative performance basis versus the rest of the world. Edited excerpts:

With 2023 turning out to be one of the best times for Indian equities, did your manage to generate alpha returns for your clients? Vinay Jaising: In the last year, three out of four of our Discretionary platforms, which have over a year of history, outperformed the benchmark BSE 500 TRI Index handsomely from 2.6% to 6.9%; with the fourth being largely a market performer.

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So, what’s your overall outlook for equities for 2024, and what are the key factors that wiill drive inflows?
Vinay Jaising: We believe 2024 would be the year for Indian equities for both an absolute and relative performance versus the rest of the world.
The year 2024 should initially see a slowdown of the world due to consumption and economic growth slowdown hit by high interest rates.
From Q2 of 2024, we should start seeing interest rate cuts