ETMarkets Smart Talk | Green Energy, Agri among top 6 strategic themes that could see increased spending in Budget 2025: Jiten Doshi
“India is at an inflection point in terms of per capita income, demography and manufacturing renaissance. This coupled with the 25-year vision of evolving into a developed economy makes the budget more a statement of intent,” says Jiten Doshi, Co-Founder and Chief Investment Officer Enam AMC.
In an interview with ETMarkets, Doshi said: “Markets will particularly scrutinize the quality of spending and revenue assumptions to gauge the government's commitment to fiscal consolidation during this political transition,” Edited excerpts:
The month of January started on a roller coaster note ahead of the big domestic event – Union Budget 2025. Do you see some recovery in the market post the event? (we are down over 10% from highs)
We have witnessed among the fiercest, longest and broadest market move, since the 2020 pandemic. The roller coaster has navigated uncertainties of pandemic, wars, and sharp supply shocks.
The near terms softness comes from concoction of multiple developments of softer economic recovery in India, changing political and economic scenario post 2024-elections, high valuations, sustained domestic liquidity and changed stance of the FIIs given slow but steady resurgence of China in the investing canvass globally.
The valuation band though in the fair zone, is certainly being challenged given slower demand growth on ground. The changed balance in domestic macro, possible softening of interest rates, make earnings an important driver for any recovery.
As regards budget as an event, it has indeed
