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ICICI Securities Report
Union Budget FY23 was pro-growth by being expansionary and provided a counter-cyclical fiscal policy with focus on capex while ensuring inclusive developments with the FY22 fiscal deficit revised upwards to 6.9% from the earlier budget estimate of 6.8% and FY23 fiscal deficit pegged at 6.4% for FY23.
Clear focus on medium to long term development with the blue print of Amrit Kaal.
There is a clear focus on improving the quality of spending with FY23 capex spend budgeted at Rs 7.5 trillion (YoY growth of 35% over the FY22 BE of Rs 5.5 trillion) with emphasis on infrastructure development.
Also for the current year (FY22), the capex has been revised upwards to Rs 6 trillion which implies a very strong pick up in capex in the last quarter of FY22.
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