Umesh Revankar, Executive Vice Chairman, Shriram Finance Limited.
Credit: X/@FidcIndia
The Union Budget for the upcoming financial year is all set to be presented on February 1, 2025, by Finance Minister Nirmala Sitharaman. Notably, the Narendra Modi government may consider slashing income tax for individuals earning up to Rs 15 lakhs per annum and extend the tax relief bracket in a bid to provide relief to the middle class and boost consumption, as per several reports.
Not just individuals -- stakeholders in IT, retail, and infra sectors among others are looking forward to some targeted reforms and innovation in their respective industries, as expectations from the upcoming Budget begin to emerge.
Speaking on this front, Umesh Revankar, Executive Vice Chairman, Shriram Finance Limited, said, "We anticipate that the upcoming Union Budget will prioritize infrastructure spending, which will significantly benefit our lending segments, particularly small businesses, contractors, and transporters. This focus on infrastructure is expected to lead to a surge in demand for steel, cement, and other materials, further driving demand in vehicle finance and other sectors reliant on bulk materials."
Sharing his insights about the possible growth of the infra sector in India, Revankar opined, "This will not only boost economic activity but also create substantial employment opportunities, especially in semi-urban and rural areas. We foresee new vehicle sales growth in Q4 to be in double digits year-on-year, as we expect government spending on infrastructure to be much higher than previous quarters."