Budget 2024: National Stock Exchange's CEO Gives 10/10 to Modi 3.0 Budget | Impact on Share Market
Today Nirmala Sitharaman tabled the Budget 2024 in the parliament. After budget presentation Industrailists and CEO's of different companies hailed the Modi 3.0 Budget. On Union Budget 2024, Ashish Chauhan, CEO of NSE and ex-CEO of BSE says, "I would give 10/10 to this Budget. It is a very focused Budget for employment generation and with a focus on infrastructure development..."
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00:00I will give 10 out of 10 to the budget because in a way it is a very focused budget for employment
00:12generation and still keeping the fiscal consolidation intact as well as ensuring that the focus
00:17on infrastructure continues.
00:18There have been of course demands from various states like Bihar and they have also been
00:24given adequate funding.
00:27But overall job creation has been the framework with fiscal consolidation of having a fiscal
00:34deficit of 4.9% and for the next financial year it is going to be 4.5%.
00:39So broadly speaking without tinkering with tax proposals in a way the Government and
00:46the Honourable Finance Minister has been able to achieve a lot on job creation and employment
00:50generation which has been a bugbear over the last full year including being an election
00:57agenda.
00:58And that is where they have also this time included the private sector in creating training
01:05and internship for our top 500 companies will also be providing 10 million youth or 1 crore
01:13youth new jobs which is a phenomenal achievement in getting the private sector to do it.
01:19But also the other side they have agreed to give some incentives for like a first salary
01:26over three tranches to even other companies and allowed CSR budget to be used for these
01:35things as well as the EPFO, I mean the PF also some portion of that will be provided
01:40by the Government.
01:41So overall this focus of this budget I would say it is job creation.
01:46So what do you have to say about the STT and this short term and long term capital gain?
01:50In a way people had expected much larger this is much smaller changes and that is what has
01:57kind of given some relief to people who were expecting given the criticism of derivatives
02:03that was going on over last several months about over trading and all.
02:07The number of changes are not that high and that has given some comfort to the market.
02:12Mobile phone and related parts with a three fold increase in domestic production and almost
02:19a hundred fold jump in exports of mobile phones over the last six years the Indian mobile
02:25industry has matured.
02:28In the interest of consumers I now propose to reduce the BCD on mobile phone, mobile
02:34PCBA and mobile charger to 15%.
02:41Critical minerals, minerals such as lithium, copper, cobalt and rare earth elements are
02:48critical for sectors like nuclear energy, renewable energy, space, defence, telecommunications
02:56and high tech electronics.
02:58I propose to fully exempt customs duties on 25 critical minerals and reduce BCD on
03:06two of them.
03:09This will provide a major fillip to the processing and refining of such minerals and help secure
03:16their availability for these strategic and important sectors.
03:20Solar energy, energy transition is critical in the fight against climate change to support
03:28energy transition.
03:30I propose to expand the list of exempted capital goods for use in the manufacture of solar
03:36cells and panels in the country.
03:40Further, in view of sufficient domestic manufacturing capacity of solar gas, glass and tinned copper
03:48interconnect, I propose not to extend the exemption of custom duties provided to them.
03:56Main products, India's seafood exports in the last financial year touched an all-time
04:03high of more than 60,000 crores of rupees.
04:07Frozen shrimp accounted for about two-thirds of these exports.
04:12To enhance their competitiveness, I propose to reduce BCD on certain broodstock, polychaete
04:20worms, shrimp and fish feed to 5%.
04:26Don't miss out.
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