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Nirmal Bang Report
We expect Budget 2022 to retain the thrust on capex-related spending to support growth. Apart from on-budget spending on capex where we factor in a growth of ~20% YoY, we expect significant focus on the national monetisation pipeline besides incentives to states to priortise capex.
We do not anticipate any changes in tax rates, but we expect to see some incentives to support domestic personal consumption such as higher standard deduction and leave travel concession cash vouchers for central government employees to support domestic travel.
Urban infrastructure and housing will receive due thrust to support urban job creation. We believe that incentives for affordable housing may be enhanced.
We expect spending on rural schemes to remain largely unchanged from Budget 2021, although actual spending in FY22 will be higher than budgeted.
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