Infrastructure, core industries likely to benefit from Union Budget 2024, says ICICI Direct's Head Researcher Pankaj Pandey

Pankaj Pandey, Head Researcher at ICICI Direct, while sharing his insights on the sectors poised for growth after the 2024 budget presentation, said the sectors likely to benefit the most are those related to infrastructure and core industries.

"The sectors are going to remain the same," he told Business Today adding that beneficiaries in this category include infrastructure capital and core sectors such as cement and steel. These industries are fundamental to the nation's growth, and the budget's focus on infrastructure projects is expected to spur significant demand and investment.

Additionally, Pandey pointed to the banking and financial services sector as one undergoing structural transformation. "Banking and financial services is definitely a sector to watch," he said. The government's initiatives aimed at enhancing financial inclusion, promoting digital banking, and strengthening the financial ecosystem are likely to drive growth in this sector. Improved access to credit and financial services will support businesses and individuals, contributing to overall economic development.

Another sector highlighted by Pandey is consumer goods, particularly better consumption patterns rather than just FMCG (fast-moving consumer goods) products. He explained that there is a shift towards premium consumption, with consumers increasingly opting for higher-quality and branded products. This trend is expected to benefit companies offering premium goods and services, reflecting a broader transformation in consumer behavior.