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ICICI Direct Report
We see the FY23E Union Budget being 'fiscally prudent' as well as 'growth supportive'. We expect the government to continue its growth agenda via higher capex allocation, which will accelerate the investment cycle and employment.
We also expect fiscal conservatism approach to be back gradually keeping in mind the likely inclusion of India in the global bond indices. With buoyancy in tax revenues, relatively contained spending and higher nominal gross domestic product growth, we expect fiscal deficit to be contained at 6.3% versus budget estimate of 6.8% of GDP for FY22E.
With a goal to reach a $5-trillion economy by FY25E, we expect capital expenditure allocation to continue to remain higher for FY23E as well while healthy tax revenues and mega disinvestment pipeline may help contain fiscal deficit to ~5.0%.
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