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The union budget 2022 brought with it a great joy to the bulls of the stock market, as the budget day saw a green surge in the Sensex and Nifty.
BSE Sensex rose by 1.46 percent to 58,862, while NSE nifty rose to 17,576 by 1.37%.
The budget presented by Finance Minister Nirmala Sitharaman is being called “a well-balanced and growth-oriented budget” by the market experts.
The bullish nature of the market today was seen evidently by the sharp rise in prices of stocks such as Tata Steel( rising by 7.51%), Sun Pharma, Titan, ICICI Bank, Asian Paints, Wipro, HDFC Bank, Bajaj Finance, Dr. Reddy's, Axis Bank, and Kotak Bank.
The union budget 2022, the 4th budget presented by Finance Minister Nirmala Sitharaman, is expected to have a Capex of 10.68 lakh crores.
The Capital expenditure this budget has increased 35% this year, forcing the assumption that the government would be focusing on manufacturing and industrial growth this year to stimulate employment and growth.
The steel sector is expected to rise after the repercussions of the budget, as evident by tata Steel's green pump.
According to the expert, the high Capex in the union budget 2022, will be “growth-inducing” and surely be instrumental in rebounding the economy back to its pace.
The high Capex is also said to be focused on the development of national manufacturing capabilities and clean energy.
According to finance minister Nirmala Sitharaman, the target growth for India's economy in the current financial year is expected to be 9.2%.
The high Capex is also expected to stimulate a virtuous cycle of investment.
“Government focus since 2014 is on poor and marginalized. The government strives to provide the necessary ecosystem to the middle class”, said Nirmala Sitharaman.
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