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Axis Securities Report
The Union Budget 2022-23 was presented yesterday by the finance minister Nirmala Sitharaman. The expectations from the Budget were reasonably high as the Union Budget 2021-22 had focused on reviving economic growth and not just managing fiscal deficit.
In this context, the FY23 Union Budget indeed lived up to the expectations of a growth-focused budget that rightly emphasised the quality of expenditure while achieving robust economic growth.
While the budget continued to address the supply-side constraints, the focus on demand-side challenges was lower than expected.
Nonetheless, it is important to note that the budget expenditure is on elevated levels vis-a-vis government spending in FY21 and FY22, which should help in delivering broad-based growth moving forward.
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