Budget resonates sentiments of GenZ: Rajan Nawani

Union Budget 2024: Rajan Nawani, Vice Chairman and MD Jetline has said that the Union Budget 2024-25 resonates with the sentiments of the youth, especially the GenZ as the announcements made in the speech of Union Finance Minister Nirmala Sitharaman present a lot of hope. Nawani said a clutch of announcements on regulatory, technology and skilling were all a welcome move.

"What really excites me in this Budget is the roadmap for next 25 to 30 years. The nine aspects (buckets) if they can be filled properly, aspects such as deep tech, GenAI and immersive technologies will all start playing out over the next few years provided we are able to develop resilience for agriculture," said Nawani.

Reflecting on the Union Budget, Nawani said the fiscal prudence was an area to watch out for. "Keeping the fiscal deficit at 4.9 per cent and moreover giving a direction that it would be moved to 4.5 per cent over the next few years is an encouraging move," said Nawani.

He said the public market although did not respond to the long-term capital gains tax increase from 10 per cent to 12.50 per cent but added that private investors were quite excited with the announcement.  

"In their case (private investors) their LTCG has gone down significantly, as was being commented from almost 20 per cent to now 12.50 per cent," Nawani added. 

"This will spur global and domestic investment into unlisted securities in private companies which is really going to drive India. India does not about many large companies if you compare to China and US. We have many medium and small companies which will partner with companies around the world and make India a super partner rather than a superpower," added Nawani.