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ICICI Securities Report
Expansionary fiscal policy with a focus on reviving growth and progressive steps toward digitisation bode well for financiers, in our view. Sharp step-up in capital expenditure (up 35% for FY23) reflects economic growth precedence in the approach.
It reaffirms our stance of India being on the cusp of re-leveraging, though may pressurise bond yields in the interim. Focus continued on credit facilitation to micro small and medium enterprises through Emergency Credit Line Guarantee Scheme extension and expansion in scope as well as additional credit under Credit Guarantee Fund Trust for Micro and Small Enterprises.
Budget has allocated Rs 480 billion (Rs 280 billion for Pradhan Mantri Awas Yojana Urban plus Rs 200 billion PMAY Rural) for housing projects under PMAY scheme.
However, Credit Linked Subsidy Scheme for economically weaker section/low income group that was extended till March 2022 (with allocation of Rs 120 billion for FY22) is not extended further.
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