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Union Budget 2023-2024 Reaction: Radhika Rao, Senior Economist at DBS Group Research

  • 02 Feb, 2023 |
  • 9:42 AM
  • The central government’s FY24 Budget was growth supportive whilst sticking with a modest glide path for consolidation.
  • India’s FY24 Budget was growth supportive whilst sticking with a modest consolidation path
  • Fiscal deficit target has been set at 5.9% of GDP vs -6.4% in FY23, along our expectations
  • Our preferred gauge of primary deficit (excluding one-off revenues) points to a sharper correction
  • Personal income tax structure and rates were tweaked
  • Allocations towards capex saw a significant increase, tapping into subsidy savings
  • Implications for markets: Size of market borrowings were in line with expectations, triggering a kneejerk boost to bonds

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