Budget 2024: A weaker majority for Prime Minister Narendra Modi's alliance may lead to increased welfare spending without the need for additional borrowing, potentially limiting a rise in bond yields, according to a senior executive at Kotak Mahindra Bank . The government is expected to utilize a large dividend from the Reserve Bank of India for welfare schemes, rather than increasing gross borrowing in the upcoming budget. Despite concerns of populist measures, the executive rules out a supply cut in bonds and forecasts the 10-year benchmark yield to remain below 7.10% over the next six months.