
What foreign brokerages Nomura and UBS have to say on Union Budget 2025
Live MintThe Indian stock market experienced heightened volatility on February 1, 2025, following the announcement of the FY26 Union Budget by Finance Minister Nirmala Sitharaman. While the budget introduced substantial changes in income tax slabs, which aimed to boost middle-class consumption, market sentiment remained mixed due to concerns about the government’s reduced focus on capital expenditure. Foreign Brokerages on Budget 2025: Nomura Nomura's Sonal Varma, Chief Economist, commented on the budget’s balanced approach, noting the fiscal discipline coupled with measures aimed at supporting growth. UBS UBS analysts have highlighted that the Union Budget 2025 strikes a balance between stimulating near-term growth and maintaining fiscal discipline, while addressing concerns about softer domestic growth and global uncertainties, such as tariff risks under "Trump 2.0". UBS analysts noted that while the urban consumption boost of ₹1 trillion is positive for sectors like consumer durables, two-wheelers, and banking, the capex increase of only 10.1 per cent YoY is disappointing, especially when compared to the 30 per cent YoY growth seen between FY22-24.
History of this topic

Capex push, fiscal discipline hasn’t come at the cost of social spending cut: Sitharaman
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High-frequency indicators show pick-up in economic momentum during H2-2024-25: RBI bulletin
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Union Budget 2025-26: Highlights from Nirmala Sitharaman’s post-budget presser
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‘Making budget more difficult than before; govt to use 99% borrowings in FY26 for capex’: FM Sitharaman
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Budget 2025: More reforms, private investments must for India to become $30 tn economy
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Centre will sustain capex: Expenditure secretary Manoj Govil
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Raja Venkatraman reviews top sectors from this Budget and recommends a stock from each sector for today — 3 February
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Budget 2025: Today's consumption will fuel tomorrow's capex
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Budget 2025's Push For Capex And Infrastructure Growth Will Help Steel Industry, Says ISSDA
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Budget 2025 - A fine blend of tax reforms and growth
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Budget 2025: 'Hits the perfect note', here's how industry leaders react to key announcements
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The Hindu Morning Digest, February 2, 2025
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Union Budget 2025: Govt dials up consumption and walks the fiscal talk
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Budget 2025: Capex misses the mark, tax relief comes as an offset
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No cheer in stock markets amid flat capex growth
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Union Budget 2025: Finance Minister picks four engines to drive the economy
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2025 Budget: Will it trigger the right animal spirits?
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Budget 2025 supports growth but needs stronger focus on innovation: CavinKare CMD
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Hope in the time of desperation: On the Union Budget 2025
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Budget brings cheers to salaried, middle class and elderly
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Union Budget 2025: This is a Budget for poll-bound Bihar, other States ignored: CPI(M)
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Budget will boost the rise of aspirational India: Capt. Brijesh Chowta
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'Will benefit only 20-25 people': Rahul Gandhi slams Union Budget 2025
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Union Budget 2025: A responsive Budget that banks on India
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New income tax slabs and more: The big Budget 2025 announcements, in graphics
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New income tax slabs and more: The big Budget 2025 announcements, in graphics
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Trump impact on Union Budget 2025? Sitharaman mentions tariff 64 times in her speech, 10 times in July 2024
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The Hindu’s Top news of the day - February 1, 2025
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Union Budget 2025: BJP finally speaks to middle class base, goodies for Bihar too
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The budget’s horizon is closer: Just as our growth challenge needs it to be
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Union Budget 2025 strengthens the middle class for a consumption-driven economy
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Harsh Goenka applauds Nirmala Sitharaman's 'Champions' Budget 2025: 'India does a shahi snan'
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Stock market today: Nifty 50, Sensex end flat as income tax cut fails to cheer D-Street; PSU, defence stocks drag
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Budget 2025: Here are five key takeaways for Indian stock market investors
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Union Budget 2025-26: Prime Minister Narendra Modi comments on the Budget presented by Nirmala Sitharaman on February 1, 2025
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Budget 2025: Modi govt's big income tax relief to middle class| Key takeaways
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‘Force multiplier’, PM Modi hails Union Budget 2025, says ‘will fulfill dreams of 140 crore Indians’
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'Budget 2025 Not To Fill Govt Coffers, But To Fill Citizens' Pockets': PM Modi
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‘A force multiplier’: Modi praises Union Budget 2025, says this is the budget for all Indians
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Market and Budget 2025: Where should investors focus post Budget? 5 experts answer
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Budget 2025: Significant Tax Cuts and Reforms to Empower Middle Class and Boost Economy | ABP NEWS
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Budget 2025: India Boosts Capital Expenditure to Drive Growth | ABP NEWS
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Budget 2025 math: How the government plans to cut fiscal deficit this year
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