“This budget, to me, is a visionary budget that defines the new India and the government’s commitment towards making India move forward into the top three economies of the world,” Doraiswamy said. “We are seeing a rising India which is scaling up in many ways, and the focus on the three kartavyas that the finance minister has talked about.”
He highlighted the emphasis on seven strategic industries, strengthening of MSMEs, and improving rural incomes as key pillars of the budget. “The focus on seven strategic industries, strengthening of MSMEs, as well as, more importantly, the focus on improving the income of Bharat or the rural population of India is something which is really making it look and sound a very visionary budget to me,” he added.
While markets reacted negatively in the immediate aftermath, particularly following the increase in Securities Transaction Tax (STT), Doraiswamy suggested that sentiment could improve once investors assess the broader development push.
“No, actually this was perhaps something which was not expected. So, the initial reaction of the market is negative, no doubt. But when you go through the finer prints, and particularly the points that they have talked about — the development of infrastructure, logistics, investment, promotion for data centres, technology, rare earth, etc — I think the market will slowly come back. That is what I expect,” he said.
On sectors that stand to benefit, Doraiswamy pointed to infrastructure, biopharma, and education as key winners. “Certainly, the strategic sectors that they have talked about, particularly the investments in infrastructure, are going to be high, which is going to help the country develop. The road corridor, the waterways that are being developed, the investments in particularly biopharma, and particularly the education focus on upskilling the youth and making people ready for employment is something which is going to be the thing to look forward to,” he noted.Addressing concerns around higher fiscal numbers and elevated gross borrowing, Doraiswamy said insurers could see this as an opportunity rather than a constraint. “I look at it as an opportunity for insurers because we are a big participant in the government securities market, and I look forward to the options being available to us for investments, which are going to be in the interest of the insurance industry,” he said.When asked to rate the budget, Doraiswamy refrained from assigning a numerical score but indicated broad satisfaction with its long-term growth orientation.
“I do not want to do that, but I will certainly say this is on expected lines, particularly on aiming towards long-term growth of the country. I am sure this is going to help the industries to grow. A lot of focus is being given on rural income growth, the special fund created for credit guarantee. All these things are going to help the country’s development as a whole, and also the focus on the technology sector, which is going to be the thing of the future. I will rate this budget reasonably satisfying,” he said.
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