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ICICI Securities Report
The Union Budget for FY23 envisions laying the foundation to steer the economy over the Amrit Kaal (roadmap for next 25 years). The four priorities of this growth impetus are:
PM Gati Shakti,
productivity enhancement and investment, sunrise opportunities, energy transition and climate action;
inclusive development; and
financing of investments.
These four priorities together involve a sharp and extensive focus on capex and infrastructure building.
Total capex outlay has been sharply increased to Rs 7.5 trillion in FY23BE from Rs 5.5 trillion in FY22RE, which is more than 2.2 times the expenditure in FY20.
Budgetary allocation has been increased for roads (up 51%) and railways (up 14%) while significant allocation has been done for water and affordable housing schemes.
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