Budget 2021: Progressive Growth Push, Stress Asset Resolution Bode Well For Financiers: ICICI Securities
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ICICI Securities Report
Expansionary counter-cyclical fiscal policy with focus on reviving growth and progressive steps towards addressing stressed assets bode well for corporate financiers.
Sharp budgeted rise in capital expenditure and prolonged path to fiscal consolidation by 2026 reflect economic revival precedence in the approach. It reaffirms our stance of India being on the cusp of re-leveraging.
With growth push being at the centre-stage, steps towards resolution of stressed assets through asset reconstruction company and asset management company structure, encouraging Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act invocation for non-banking financial companies in low ticket category, revamped reforms scheme for discoms, public sector banks re-capitisalition and privatisation, reflect government’s thrust to streamline and strengthen the financial ecosystem.
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