The FY2024 Union Budget should remain focused on pro-growth initiatives such as continued infrastructure and capacity development investment. Also, since it will be an election year, the government may announce some benefits and policies aimed at the rural sector to boost languishing demand. Although we cannot expect significant fiscal consolidation in this budget, we hope that the government provides a clear glide path to achieve the fiscal deficit target of 5.0-4.5% by FY2025 or FY2026.
Here are the themes we expect to see in this year's budget announcements:
·Rationalization of personal income tax to encourage consumption
·Focus on rural infrastructure projects to generate employment
·Continued push for manufacturing through PLI
·Increased capital expenditure towards infrastructure projects
·A clear roadmap to reduce the fiscal deficit to 6.0% of GDP by FY24 and 4.5% by FY26.
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