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Market Analysis: India's New Budget Brings Short-term Challenges to the Market

GoldenOctober2024
STT0.50%
Kujten data, July 23 news, Axis Securities CEO Pranav Haridasan said that the budget for India 2024-25 brought short-term challenges to the market. He said: "The increase in capital gains tax rates and the increase in securities transaction tax (STT) are negative in the short term." He added that capital expenditure allocation remains unchanged, below market expectations. However, there are also some positive aspects. Haridasan said that the fiscal deficit target has been reduced from 5.1% in the mid-term budget to 4.9%, "showing a steady path to fiscal consolidation." The budget also emphasizes welfare projects, aiming to alleviate rural distress and support the rural economy. He expects that the initial market reaction will be temporary and will soon return to normal.
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