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Dolat Capital Report
The fourth budget of the Modi Government 2.0 set the course for infra and growth as the core. The Finance Minister Nirmala Sitharaman was persistent in her focus on the infra and rural – reflected in the sharp uptick on capex outlays.
Some of the fine print actually shows clubbing of some of the capex heads – hence the increases may appear optically elevated. But all said and done, the disciplined approach to fiscal consolidation and spending on the core areas remains the big positive.
The FY22 revised estimates show the better than expected performance on most of the revenue front – corporate and personal tax, goods and services tax et al. And the assumptions for FY23 at the ball park seem reasonable in our view – 11% GDP growth leading to a 6% growth in revenue receipts.
This appears muted but when considered against a baseline growth of 27% for FY22 (versus estimated 8%) – it seems more of normalisation of the trend line growth.
Overall, no negatives for the markets and equities in our view. And hence the focus, we believe, will now move on to the global and state elections.
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