Budget
Sitharaman stuns with her Union budget 2025
MUMBAI:Should finance minister Nirmala Sitharaman be hailed or should she be nailed?
The jury is out – as were the stock markets.
One faction has been stunned in a negative sense and is pretty morose that the government is not pumping in enough capital spending behind infrastructure to make up for the loss of revenue courtesy the tax reforms. Hence, they pulled down all the infrastructure stocks.
They will change their minds quickly should the government make some interim extra-budgetary announcements on infrastructure spends which it most likely will.
Another faction is singing Sitharaman’s hosannahs for her tax reforms making government levies on personal income nil upto Rs 12 lakh. They believe that the repressed middle class will run to the malls and markets and buy more groceries and garters (read: items of luxury) now that it will more money in its pocket rather than given away to the government by way of taxes. Customers will premiumise, go after articles of conspicuous consumption.
This lot of the jury can’t stop praising Ms Sitharaman. They sent the stocks of FMCG, retail firms, entertainment outlets screaming up on the bourses.
Should they be proved right, then advertising spends will rise, sales will soar, and boy will it be party time for all.
On the whole, however, the Union Budget is being seen as growth oriented introducing significant measures aimed at stimulating economic growth and addressing key societal concerns.
In a bid to bolster the middle class and enhance domestic consumption, the government has raised the income tax exemption threshold from Rs 8 lakh to Rs 12 lakh per annum. Additionally, tax rates for higher income brackets have been reduced, a move anticipated to increase household spending and savings.
The budget unveiled a six-year programme to boost the production of pulses and cotton, aiming to reduce dependence on imports. This includes state agencies purchasing pulses at guaranteed prices to support farmers. Furthermore, a “national mission” has been announced to develop high-yielding seed varieties, addressing challenges posed by shrinking farmlands and erratic weather.
Revised MSME criteria will double investment and turnover limits, benefiting over a crore enterprises.
Credit guarantee cover for micro and small enterprises will increase from Rs 5 crore to Rs 10 crore, with start-ups eligible for up to Rs 20 crore.
A customised credit card scheme with a Rs 5 lakh limit will benefit 10 lakh micro-enterprises registered on the Udyam portal.
A Fund of Funds with a fresh government contribution of Rs 10,000 crore will support start-ups. A scheme offering loans up to Rs 2 crore will target first-time women, Scheduled Caste, and Scheduled Tribe entrepreneurs.
Labour-intensive sectors like footwear, leather, and toys will be promoted to boost employment and exports
The government plans to modestly increase capital spending to offset revenue losses from tax cuts. This includes investments in infrastructure development, manufacturing, and exports. A high-level committee for regulatory reforms and the creation of an investment friendliness index have been proposed to improve the ease of doing business.
Measures benefiting the poor, youth, farmers, and women have been incorporated into the budget. The allocation for food, fertiliser, and rural employment subsidies remains nearly flat at Rs 4.57 trillion, with the rural job guarantee programme retaining its budget of Rs 860 billion. These steps aim to support the rural economy and provide a safety net for vulnerable populations.
Infrastructure ministries will outline three-year project pipelines under PPP mode. States can leverage the India Infrastructure Project Development Fund.
The government has allocated Rs 1.5 lakh crore as interest-free loans to states for capital expenditure. The second Asset Monetisation Plan (2025-30) aims to unlock Rs 10 lakh crore for new projects.
The Jal Jeevan Mission will extend until 2028 to achieve universal rural tap water access.
Urban sector reforms will be incentivised, with a Rs 1 lakh crore Urban Challenge Fund supporting city redevelopment and sanitation projects.
India Post will evolve into a logistics hub for MSMEs, with NCDC supported for cooperative lending.
A National Manufacturing Mission will bolster clean tech production, including solar PV, EV batteries, wind turbines, and grid-scale batteries.
MUMBAI: Anuj Singhal, managing editor at CNBC- AWAAZ and CNBC BAJAR, operates at the sharp end of India’s business news ecosystem. With over two decades in business journalism, he has earned credibility for decoding policy, markets and macro trends for millions of Hindi-speaking investors. Equal parts newsroom leader and market analyst, he shapes editorial direction while anchoring flagship shows that break down the economy, politics and corporate India in real time.
Known for cutting through jargon and hype, Singhal blends data, discipline and clarity — a mix that has made him one of the most trusted voices in Hindi business news.
In this interaction, he discusses the Union Budget, trade deals, newsroom strategy and what truly moves markets and ratings.
• What was the single most market-moving announcement in this Budget, and why?
The most market-moving element was the clear commitment to fiscal consolidation without compromising capex. The glide path on fiscal deficit reassured bond markets and foreign investors, while sustained public investment kept growth expectations intact. That balance removed a big overhang for both equities and debt.
• Do you see this Budget as growth-oriented, fiscally cautious, or politically calibrated?
This Budget is growth-led but fiscally disciplined. It avoids overt populism, stays within macro guardrails, and prioritises medium-term competitiveness over short-term optics. Politically, it is restrained; economically, it is deliberate. The message is clear: stability over spectacle.
• How is CNBC-AWAAZ programming different, especially in decoding trade deal impact?
CNBC-AWAAZ goes beyond headline reaction. We translate policy into portfolio impact — sector by sector, stock by stock.
On trade agreements, our focus is on:
-Earnings visibility
-Export competitiveness
-Currency implications
-Margin sustainability
We don’t treat trade deals as political milestones. We decode them as profit-and-loss events for corporate India and map them to FY earnings trajectories.
• Which sectors look like clear winners and laggards over the next 12–18 months?
The next 12–18 months favour sectors aligned with structural spending and supply-side strengthening.
– Clear beneficiaries:
Capital goods and infrastructure
Manufacturing linked to export chains and PLI ecosystems
Power, defence, and logistics
– Relative laggards:
Consumption segments dependent on immediate demand revival
Businesses facing margin pressure from global volatility or pricing power erosion
This is not a momentum-driven market environment. It is execution-driven. Balance-sheet strength and order visibility will matter more than narrative.
• One headline to sum up this Budget 2026 for India Inc?
“Steady Hands, Long-Term Vision: A Budget That Rewards Discipline Over Drama”.
• What editorial filters do you apply before calling something ‘market-positive’ or ‘negative’?
We apply three structured filters:
– First: Earnings translation — does this materially change earnings visibility or cash flow outlook?
– Second: Time horizon — is the impact immediate, cyclical, or structural?
– Third: Valuation context — good news priced in or not.
If a policy doesn’t move earnings or risk perception, we don’t oversell it.
• How has business news consumption changed around big policy events?**
There has been a clear behavioural shift. They’re less interested in what was said, more in what it means for their money. There’s also a clear shift toward second-screen consumption, with digital platforms complementing live TV. The audience seeks sharper accountability. Viewers no longer accept broad optimism or pessimism — they want frameworks, numbers, and sector mapping.
• CNBC-AWAAZ decisively outperformed on Budget Day. What editorial and distribution choices mattered most?
Three deliberate strategic choices:
– Preparation depth:
We build scenarios months in advance — deficit ranges, sectoral incentives, tax calibrations — so we’re ready with analysis the moment numbers are announced.
– Language of impact:
We translate macro policy into investor-friendly Hindi without diluting complexity. That bridges accessibility and sophistication.
– Integrated distribution:
Television, YouTube, and digital platforms operate as one editorial grid, not parallel silos. This ensures continuity of narrative.We stayed analytical while others stayed reactive.
• How different is your YouTube audience from your TV audience?
The behavioural differences are subtle but important. TV audiences prioritise authority, structured debate, and context. YouTube audiences want speed, clarity, and actionable insights — often sharper, sometimes more opinionated. However, both share one expectation: accuracy. The format evolves; the trust benchmark does not.
• How do you retain viewers after the budget speech ends?
By shifting from announcements to implications.Retention comes from shifting the narrative from announcement to implication. We break down sectoral breakouts, stock-level impact, and what to do next. The speech is just the trigger; analysis is the destination.
• Is Budget Day your biggest traffic day?
It is one of the biggest — but more importantly, it is among the deepest in engagement. Viewers spend longer durations, revisit segments, and seek follow-up programming. That indicates behavioural trust, not just traffic.
• What’s the first thing you personally track on Budget Day — the speech or the markets?
The markets. They’re the fastest truth-teller. The speech explains intent; markets reveal interpretation.
• Your personal Budget-day ritual?
Early morning prep, minimal distractions, and once the speech begins, complete immersion. For me, Budget Day is less about reaction and more about reading between the lines.
• What drove your Budget-day ratings dominance, and how are Budget and trade deals shaping markets now?
Our dominance came from credibility, consistency, and clarity.
As for markets, both the Budget and recent trade deals are reinforcing a narrative of policy stability and global integration, which supports valuations even amid global volatility.
For Singhal, the market is the final judge. Policies can promise and speeches can persuade, but prices reveal what investors truly believe. As India’s investor class grows more informed and more demanding, business journalism is shifting from commentary to calibration. The premium is on clarity, context and credibility. In a landscape flooded with noise, the real edge lies in interpretation. In the end, the markets listen to numbers, not narratives , and Singhal’s craft is helping viewers tell the difference.
