Economists expect infrastructure push to be one of the key themes of Tuesday’s budget amid signs that investment demand might finally be picking up.
Finance Minister Nirmala Sitharaman will be releasing details of the budget for the fiscal year that starts April 1. Economists are expecting measures that support growth and also allow the government to reduce its deficits and debt accumulation at the same time.
Citi analysts this month said their base case projections predict a fiscal deficit target of 6.2% of GDP, but they pointed out it"remains a broad political call." "The government's fiscal policy since the pandemic began has prioritised growth and fiscal transparency over fiscal consolidation, in the hope that robust medium-term growth prospects will help with debt sustainability," Nomura analysts wrote in a recent note."We expect this theme to persist."
Last year, India said it planned to monetize some $81 billion worth of state-owned assets over the next four years to boost infrastructure spending and stimulate growth. The government planned to lease out assets like gas pipelines, roads, railway stations and warehousing facilities to the private sector to operate,The government is also set to take state-owned Life Insurance Corporation public this year in what is said to be India's largest initial public offering.
"When this is juxtaposed against the faster restoration of formal jobs vs informal jobs and dominance of casual labour as well as self-employed in the labour mix, the adverse impact on incomes and purchasing power becomes apparent," Rao said.
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