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ICICI Direct Report
With the Indian economy set to contract by 7-8% (real gross domestic product) in FY21E and fiscal deficit to rise to 7% due to Covid-19 induced pain, the focus of the government in this Budget would remain on growth with clear focus on capex revival and manufacturing, boosting healthcare and sanitisation.
While FY22E real and nominal GDP is likely to bounce back at ~10% and ~15%, respectively, it will have an advantage of low base of FY21E.
Hence, for sustained long-term growth, we expect the government to push for bigger reforms like production linked incentive schemes to make India a preferred destination for manufacturing.
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