Budget 2025 Impact — Positive, Negative, Neutral On Which Sectors - Read Systematix' Analysis

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Systematix Research Report

The Union budget tries to address the intensifying concern of rising income distress of households, but the fiscal math is significantly optimistic on the revenue side and conservative on the spending.

We foresee the fiscal knot sustaining even in FY26, leading to sustained cutback in capital outlay. With total expenditure much less than the projected nominal GDP growth in FY26, the fiscal glide path will imply a continued fiscal drag; the impact of income tax rebate amounts to just 0.5% of household consumption!!

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