Budget 2025 Expectations Live: HSBC Global Research Predicts Tax Rationalisation
HSBC Global Research expects some tax rationalisation— though not large cuts— an export push, better centre-state capex coordination, an extension of employment-linked benefits, and more clarity of structural reforms being pursued, in the upcoming budget.
Budget 2025 Expectations Live: Sitharaman Kicks Off Final Stage With 'Halwa' Ceremony
Finance Minister Nirmala Sitharaman attended the traditional 'halwa' ceremony on Friday, marking the start of the final phase in preparing the Union Budget 2025-26.
The Budget is scheduled to be presented on Feb. 1 in the Lok Sabha.
The ceremony was held in the basement of North Block, where the Ministry of Finance is located, with the finance minister and senior officials present.
Budget 2025 Expectations Live: Streamlined Regulatory Approval Process In Pharma Sector
"We anticipate that the upcoming budget will unleash the immense potential of the pharma sector, projected to reach $130 billion by 2030 and $440 billion by 2047. A streamlined regulatory approval process is essential to enhance investments and productivity," said Sushil Suri, Chairman and Managing Director, Morepen Laboratories.
We urge the government to expand the scope of the Production-Linked Incentive or PLI scheme to make it more accessible for the medical technology sector, thereby boosting our manufacturing capabilities.
Suri hopes for an unified regulatory framework will not only ease business operations but also attract substantial investments, fostering competitiveness within the industry.
"Timely approvals for new drugs, coupled with a focus on R&D investments, will empower companies to innovate and contribute to our goal of becoming self-reliant (Atmanirbhar). We look forward to a budget that prioritises these crucial aspects for the growth of our sector," he said.
Budget 2025 Expectations Live: Nomura Predicts Higher Gold Import Duties
Nomura expects that the government might impose higher gold import duties, increase the FDI limit on insurance and encourage capital inflows to support the rupee.
Budget 2025 Expectations Live: Tax Relief For Lower And Middle Class
Tax relief measures for lower- and middle-income households are anticipated, which could stimulate discretionary consumption, Bajaj Broking has said in a Budget 2025 expectations note.
Among the income tax relief for the middle class, the government is expected to raise the basic exemption limit under the new tax regime from Rs 3 lakh to Rs 5 lakh.
Budget 2025 Expectations Live: UBS Expects Spending On Job Creation And Welfare Schemes
UBS expects spending on welfare schemes to largely stabilise and increase allocations to boost job creation and skills.
The brokerage further noted that it expects the government to expand the production-linked incentive or PLI scheme to include new sectors in a bid to boost manufacturing, along with other measures.
Budget 2025 Expectations Live: Morgan Stanley Is Overweight On Financials, Technology Among Others At Equity Market
The impact of the budget on the market has been on a secular decline, albeit actual performance is a function of pre-budget expectations, as per Morgan Stanley. As of now, the market seems to be approaching the budget with skepticism and could be dealing with both volatility and upside risk post budget, if history is a guide.
Morgan Stanley is overweight on financials, consumer discretionary, industrials and technology and underweight all other sectors at the equity market strategy.
"For the market, the key things to watch are the extent of fiscal consolidation, the delta in spends on physical and social infrastructure and sector level incentives/spends," the brokerages.
Budget 2025 Expectations Live: Nomura Expects A Rise In Agricultural Investment
Nomura noted that repetitive food price shocks have highlighted the importance of raising investment in cold storage and agriculture infrastructure to shield farmers from excessive food price fluctuations. "The budget allocation for agricultural investment should, therefore, rise," the Brokerage emphasised.
Budget 2025 Expectations Live: UBS Expects Gross Tax Revenue Collection Growth Of 11.5-12.0% In FY26
UBS expect gross tax revenue collection growth of 11.5-12.0% year-on-year in fiscal 2025-26 (versus 10.7% year-on-year recorded between April and November 2024), in line with the improvement in nominal GDP growth to 10.5% year-on-year in fiscal 2025-26 (versus 9.7% year-on-year in fiscal 2024-25, as per first advance estimate).
Budget 2025 Expectations Live: Morgan Stanley Expects Fiscal Deficit Target To Be Set At 4.5%
Morgan Stanley expects the central government's fiscal deficit target to be set at 4.5% of GDP in F26 versus a lower than target deficit of 4.8% of GDP in F25 (BE of 4.9%).
Budget 2025 Expectations Live: Defence Spending Target
Defence Sector in Focus: Key Expectations from Union Budget 2025
Increased Capital Allocation: A key area of focus, with significant emphasis on higher budgetary provisions.
Push for Indigenization: Continued efforts to enhance domestic procurement and reduce dependency on imports.
Defence Exports Boost: New initiatives expected to drive India's defence exports further.
Higher Orders Anticipated: Larger programs in 2025 are likely to contribute to increased order flow.
Other Key Highlights
Positive Indigenisation List: The 5th Positive Indigenisation List, comprising 346 items, was notified to bolster self-reliance.
Acceptance of Necessity: Approvals amounted to Rs 1.67 lakh crore, paving the way for procurement.
Policy Overhaul: The Defence Acquisition Procedure 2020 is set for a complete revamp in 2025, signaling progressive reforms in defence procurement.
Budget 2025 Expectations Live: Incentives For Grid Scale Batteries
With Union Budget 2025 round the corner, power sector is hopeful for a preferential treatment this time, to meet the ambitious renewable energy target for 2030.
The industry has sought government intervention to incentivise the grid scale batteries and fast-track the development of battery storage and pumped hydro storage projects in the upcoming budget on priority.
That apart, resolving issues related to transmission infrastructure and evaluating high-end technologies that have high upfront cost are equally critical for long term benefits.
Budget 2025 Expectations Live: Halwa Ceremony At North Block
Finance Minister Nirmala Sitharaman will attend the customary pre-budget Halwa ceremony on Friday evening at the Ministry of Finance building in Delhi's North Block. The ceremony is a ritual in which traditional dessert halwa is prepared and served to officials and staff members of the finance ministry who are involved in the preparation of the budget.
The sweet dish is prepared by the staff themselves as an Indian tradition before the start of something auspicious.
The Union Budget 2025 will be tabled in Parliament on Feb. 1.
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