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ICICI Securities Report
Union Budget FY22 is unlikely to have any major short-term impact on equity markets as we expect the Budget announcements to be largely within the range of market expectations with focus on boosting spend towards development expenditure and health and an eye on fiscal consolidation.
Upside risks for equities: Personal income tax rate cut on the lines of corporate tax rate cut announced in 2019, removal of securities transaction tax, strategic disinvestment deal announcement.
Downside risks: Slow fiscal consolidation driven by expansion in non-development expenditure.
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