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ICICI Securities Report
'Do No Harm' Budget was aimed at accelerating capex-led growth without rocking the boat, which is currently cruising along smoothly. The fiscal deficit is projected to be 6.9% of gross domerstic product this year and 6.4% of GDP in FY23.
Given the strong revenue performance this year, we expect the final outcome to be a deficit of only 5.5% of GDP in FY22, providing a much better platform for FY23 as well.
There were no significant changes to direct taxes, but the 15% corporate tax rate on new manufacturing units was extended to March 2024.
The customs duties on products that are part of global value chains were either eliminated or cut sharply to encourage Indian participation in those GVCs.
Capital goods for labour intensive industry will attract a 7.5% customs duty, but customs duties were cut for diamonds (used in the gems and jewellery export industry).
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