Budget 2021 Review - The Growth Pitch: Dolat Capital 

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Dolat Capital Report

The budget proposals, announced today by the Finance Minister Nirmala Sitharaman, put out a spending led growth plan for the Covid-19 impacted economy.

The proposals project a 14.4 % gross domestic product growth for FY22 at $3.05 trillion which seem realistic given the 9.5% contraction that we saw in the Covid hit FY21.

The last six years of the Modi Government have made the market realise the centre of left approach and hence the expectations were not too high – against that the growth focus has come out as a surprise and hence the positive market reactions.

In particular the capital spending is proposed to be higher and in infra and healthcare that has got us and markets at large excited enough.

We feel that the projections are realistic and the implementation remains key.

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