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IDFC AMC Research Report
The intent of the FY23 union budget is to nurture growth, primarily through public investment, as private investment is yet to meaningfully pick up.
It continued to be more transparent, by reducing off-budget expenditure, and relatively conservative in its estimates of receipts. The two numbers which really stood out were the higher capex and higher market borrowing for FY23.
We look at the tradeoffs of this approach, in terms of its likely impact on states, funding, fiscal consolidation and, most importantly, growth.
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