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Union Budget: Markets bet big on defence, capital goods, electronics manufacturing, tourism

IANS
Updated: July 21st, 2024, 12:16 IST
in Business, Home News
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Union Budget: Markets bet big on defence, capital goods, electronics manufacturing, tourism

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New Delhi: As the Centre is set to present the Union Budget 2024-2025 July 23, stock market experts bet big on four key sectors — capital goods, defence, electronics system design and manufacturing (ESDM) and Tourism.

The market anticipates a continuation of last year’s incentives, maintaining the status quo. A continued focus on infrastructure, including roads, railways, ports, airport expansions, defence, and tourism, is vital.

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In the past week, Nifty has recorded a slight gain of 0.3 per cent, driven by strong performances and positive growth forecasts from IT majors TCS, Infosys, and HCL Tech.

According to Krishna Appala from Capitalmind Research, the government plans a Rs 4.75 lakh crore investment to upgrade India’s power transmission, targeting 618 GW capacity by 2028, along with metro expansions in over 40 cities and Rs 1.5 lakh crore in oil and gas.

“The defence budget has increased to Rs 6.2 lakh crore, aiming for 70 per cent self-sufficiency and a Rs. 1.75 lakh crore turnover by 2025,” he mentioned.

In electronics, the government is incentivising domestic production with Rs 76,000 crore, projecting the ESDM market to grow from $25 billion to $100 billion in 5-7 years.

“The tourism market is expected to expand from $24.6 billion in 2024 to $31 billion by 2029, with demand outpacing supply,” according to market watchers.

Budget expectations include larger production-linked incentives (PLI) in battery manufacturing, toys, and high-end machinery, with increased support for sectors like semiconductors, renewable energy, nuclear power, and low-cost housing.

“Currently, the market isn’t anticipating negative surprises in areas like income tax, LTCG, STCG, or STT. However, any changes could have a short-term negative impact,” said Appala.

IANS

Tags: DefenceManufacturingtourismunion Budget
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