Capex growth estimated at 11.1% is reasonable. Market borrowing is lower for FY25 versus FY24. In the era where the global world is struggling to rein in fiscal deficit and borrowing, India adopting the path of consolidation and reduction in borrowing showcases its macro stability. FM has also reiterated the glide path of below 4.5% for FY26. As expected, despite being an election year, there was no touch of populism – Outcome versus Outlay. In summary, the interim budget has a stamp of finality that this government is focused on growth, but structural, sustainable and non-inflationary growth
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