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ICICI Securities Report
As per the need of the hour, Union Budget FY22 delivered by being expansionary and provided a counter-cyclical fiscal policy with focus on reviving growth while ensuring adequate resources for tackling the pandemic by expanding the fiscal deficit to a higher than expected level of 9.5% for FY21 and 6.8% for FY22.
Key steps include mooting of a bad bank or asset reconstruction company and asset manangement company for taking over stressed assets, increase in foreign direct investment in insurance sector to 74% and Development Financial Institution for financing infrastructure projects, amongst others.
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