Please upgrade your browser

We take your security very seriously. In order to protect you and our systems, we are making changes to all HSBC websites that means some of the oldest web browser versions will no longer be able to access these sites. Generally, the latest versions of a browser (like Edge, Chrome, Safari, etc.) and an operating system family (like Microsoft Windows, MacOS) have the most up-to-date security features.

If you are seeing this message, we have detected that you are using an older, unsupported browser.

See how to update your browser

Union Budget FY2025 - The Equity Market Perspective

02 August 2024
    Local Market Commentary
    Download the full reportPDF, 432.39KB

    Government identifies new thrust areas

    • FY25 estimates similar to FY24-25 Interim Budget
      Government has largely maintained estimates for tax revenues (11 per cent YoY growth) and capital expenditure (15 per cent YoY growth). Government has further reduced its FY25 fiscal deficit target by 20 bps, aided by the dividend received from RBI.
    • Special focus on employment and skilling
      Budget estimates saw an increase in non-capex expenditure driven by new employment generation related payments, with additional incentives for manufacturing companies. This will aid in increased formalization of the labour force.
    • Building blocks for long-term focus areas
      The budget provided a blueprint for key focus areas of the Government like nuclear energy, support for SMEs, land reforms (rural and urban), development of e-commerce and export hubs, 12 new industrial parks, etc.

    Related articles

    Back to top