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Focusing on boosting growth and on stability through continuing emphasis on infra and consumption inducing measures, the Budget is likely to be positive for Indian equity. Consumer and infra/capital goods sectors are likely to be the main beneficiaries. Despite the likely acceleration of revenue spending and the continued high growth in public capex, with favourable receipts, fiscal consolidation is likely to continue. We expect the FY25 fiscal deficit to be 5% of GDP. There is little reason to expect a populist budget
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