Budget Expectations 2021-22 - Policy Reforms Likely To Continue Even With Limited Fiscal Space: Axis Securities
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Axis Securities Report
Even as past budgets have disappointed the equity markets more often, the finance minister has promised a landmark budget for FY22.
Whether landmark or not, the FY22 budget will be historic in the face of an unprecedented pandemic which has caused great economic loss. India has managed the pandemic much better than many developed economies and the cost borne by the government has been manageable.
The finance minister has been unequivocal about spending on capital expenditure for reviving the economy and creating jobs.
At this juncture the budget appears to be quite constructive; however, the fiscal room afforded even after considering the improving economy and better-than-expected tax collections is not very significant.
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