The President of the U.S.-India Business Council (USIBC), Atul Keshap, congratulated India’s Finance Minister Nirmala Sitharaman and the Government of India on its “confident, pro-growth” Union Budget 2024-25.
“With elections due this spring, this is, in effect, a mini-budget, with another set of announcements likely to come in July once a new government is in place. The budget contains several notable programs and milestones that build on the momentum from prior years. India’s focus and execution on budget consolidation, including beating its fiscal deficit target for this past year, is important to maintaining and enhancing its credibility with foreign investors. This is likely to have a net positive impact on the ultimate allocation that Indian sovereign bonds receive as they are incorporated into benchmark international indices in 2024, which, in turn, would deepen the country’s capital markets and reduce public financing costs,” said Keshap.