Some popular schemes could be expanded in Budget 2024; CY24 will be a volatile year for the market: Kedar Kadam
Kedar Kadam, Director - Listed Investments at Waterfield Advisors is of the view that new large schemes may or may not be announced in this Interim Budget, but some existing popular schemes could see expansion/extra resources to boost implementation rates. In an interview with Mint, Kadam also shared his views on the domestic market and economy.
Edited excerpts: Well, going by the convention, the Interim Budget is presented to seek approval to cover expenditures for the next two to three months or till a new government is elected and presents the full Budget. This year the Finance Minister herself has downplayed expectations, stating the February budget will carry no major announcements and the focus will be to keep the wheels running until the elections.
However, investors will closely watch the budget estimate numbers as these would highlight the overall fiscal health, the estimated transfers to the state governments, and the path of fiscal consolidation and central government debt relative to GDP. Also Read: Budget 2024: How the Union Budget is prepared? A quick guide In real terms, no law prescribes any clear guidelines for the Budget that comes right before the General Elections; hence, it can take any shape.
Having said this, if we look at the past Interim Budgets of 2004, 2014 and 2019, they all included noteworthy policy announcements like the extension of the subsidised food scheme, Kissan Credit Cards, One Rank-One Pension, a reprieve for the auto sector, and Kissan Samman, etc. Also Read: Budget 2024 to focus on fiscal consolidation, capital expenditure: Barclays The recent state election results have shown that income transfer policies and other welfare schemes have been key to campaigns.
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