Mumbai: As India is eagerly waiting for the Finance Minister to present the Budget speech, global market experts are not too hopeful of it. Adrian Mowat, JP Morgan is worried that FIIs have written off the government's action and are not expecting anything out of politics that is positive. They have already factored in an environment in which it is extremely difficult to pass on legislation.
Jim Walker, MD, Asianomics says, "Given where the government come from, its track record has been so poor, last year was an abysmal effort in terms of the public finances. Everybody's eyes are on the Budget and of course that will make all the more important announcements given that around the world the fiscal deficit, public debt possessions and government spending, everybody watching these days. This Budget takes on measures of untold proportions as regards the importance to markets this year."
Noting the Budget is an important moment in the year, Jonathan Garner Morgan Stanley adds, "We think it is quite important that the central government deficit comes back below 5 per cent this year and that will require a combination of expenditure control. But we are also looking for more initiatives to support private investments in infrastructure."
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