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Axis Securities Report
The FY22 union budget met most of the market expectations with hardly any negative surprises.
The key expectations were hinged on job creation through infrastructure spending, focus on health care and welfare schemes and maintenance of existing tax structures.
The announced budget met all these expectations and also managed to convince the markets that this will be achieved without a major hardening of bond yields.
Whilst the 10 year G-sec bond yield went by 11 basis points, but considering the broad contours of tax collection and government's borrowing program, the yields are likely to remain manageable.
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