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ICRA Research Report
The Government followed up on its agile approach on encouraging more investments, laid down in the economic survey. The announcement of a higher-than-expected capex outlay at Rs 7.5 trillion (up 35.4% YoY) for FY2023 is a major step in that direction.
The government intends to channelise this capex into four priorities - PM Gatishakti, inclusive development, productivity enhancement/climate actions and financing of investments. With an eye on job creation, the bulk of the Rs 7.5 trillion outlay would be dedicated to PM Gatishakti projects that would be driven by investments in core economic sectoral engines - roads, railways, airports, ports, mass transport, waterways and logistics.
The government also reiterated its commitment to COP26 goals, following up with various announcements such as enhancement of production linked incentive allocation for solar module manufacturing, incentives across electric vehicle ecosystem, introduction of green bonds, etc.
Overall, Budget FY2023 seems to have clearly prioritised a more structural impetus to economic growth, while marginally compromising on fiscal consolidation.
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