{"id":22683,"date":"2022-02-02T19:22:54","date_gmt":"2022-02-02T13:52:54","guid":{"rendered":"https:\/\/www.fundsindia.com\/blog\/?p=22683"},"modified":"2022-02-03T12:10:24","modified_gmt":"2022-02-03T06:40:24","slug":"india-budget-fy23-pro-growth-budget-with-focus-on-capital-expenditure","status":"publish","type":"post","link":"https:\/\/fundsindia.com\/blog\/mf-research\/india-budget-fy23-pro-growth-budget-with-focus-on-capital-expenditure\/22683","title":{"rendered":"India Budget FY23: Pro-Growth Budget With Focus On Capital Expenditure"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/RC_Page-Banner-1-1-scaled.jpg\"><img loading=\"lazy\" width=\"1024\" height=\"512\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/RC_Page-Banner-1-1-1024x512.jpg\" alt=\"\" class=\"wp-image-22767\" srcset=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/RC_Page-Banner-1-1-1024x512.jpg 1024w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/RC_Page-Banner-1-1-300x150.jpg 300w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/RC_Page-Banner-1-1-768x384.jpg 768w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/RC_Page-Banner-1-1-1536x768.jpg 1536w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/RC_Page-Banner-1-1-2048x1024.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>A budget focused on<strong> investment led growth <\/strong>with <strong>higher spending on capital expenditure<\/strong> and <strong>no major surprises or shocks.&nbsp;<\/strong><\/p>\n\n\n\n<h2><strong><span style=\"color:#073763\" class=\"has-inline-color\">Key Highlights<\/span><\/strong><\/h2>\n\n\n\n<h4><strong><span style=\"color:#b45f06\" class=\"has-inline-color\">1. Significant Focus on Capex<\/span><\/strong><\/h4>\n\n\n\n<ul><li><strong>Higher than expected increase in Capital Expenditure <\/strong>from Rs. 6.0 lakh crs in FY22 to Rs 7.5 lakh cr in FY23 (25% rise)<\/li><li>Capex spending remains <strong>dominated by roads, railways and defence<\/strong><\/li><li>Higher spending on capex by the government has <strong>significant multiplier effects <\/strong>on the economy&nbsp;<\/li><\/ul>\n\n\n\n<h4><strong><span style=\"color:#b45f06\" class=\"has-inline-color\">2. Fiscal Deficit at 6.4% of GDP &#8211; High Yet Prudent!<\/span><\/strong><\/h4>\n\n\n\n<ul><li>The projected <strong>fiscal deficit <\/strong>at<strong> 6.4% of GDP <\/strong>for <strong>FY23<\/strong>, is <strong>directionally in line<\/strong> with the <strong>fiscal consolidation glide path <\/strong>to<strong> bring down<\/strong> the fiscal deficit to <strong>4.5% of GDP by FY26<\/strong><\/li><li>The <strong>fiscal deficit numbers though on the higher side is prudent <\/strong>given the context that the <strong>economic recovery<\/strong> is still <strong>nascent<\/strong> and the <strong>focus<\/strong> is on a <strong>high quality of spending mix (infra led) vs <\/strong>choosing the<strong> populism route<\/strong><\/li><\/ul>\n\n\n\n<h4><strong><span style=\"color:#b45f06\" class=\"has-inline-color\">3. Lower Subsidies &amp; MGNREGA Spends + No Direct Consumption Support<\/span><\/strong><\/h4>\n\n\n\n<ul><li>The cumulative spend towards <strong>Subsidies &amp; MGNREGA<\/strong> are <strong>lower by 26%<\/strong> compared to last year<\/li><li>Despite the possible pressures from an upcoming election, the government has<strong> steered clear<\/strong> of <strong>announcing freebies or populist schemes<\/strong><\/li><\/ul>\n\n\n\n<h4><strong><span style=\"color:#b45f06\" class=\"has-inline-color\">4. Central Bank to introduce Digital Rupee<\/span>&nbsp;<\/strong><\/h4>\n\n\n\n<ul><li><strong>RBI <\/strong>will introduce <strong>Digital Currency<\/strong> for <strong>INR <\/strong>using blockchain technology in FY23<\/li><\/ul>\n\n\n\n<h4><strong><span style=\"color:#b45f06\" class=\"has-inline-color\">5. Cryptocurrencies now in the Tax Net<\/span>&nbsp;<\/strong><\/h4>\n\n\n\n<ul><li><strong>Gains <\/strong>from <strong>digital assets<\/strong> such as<strong> crypto currencies, NFTs<\/strong> etc to be<strong> taxed <\/strong>at<strong> 30% <\/strong>without allowing any deduction or set-off of losses except for the cost of acquisition<\/li><\/ul>\n\n\n\n<h2><strong><span style=\"color:#073763\" class=\"has-inline-color\">The Budget In Visuals&nbsp;<\/span><\/strong><\/h2>\n\n\n\n<h4><strong><span style=\"color:#b45f06\" class=\"has-inline-color\">Where does the money come from?<\/span><\/strong><\/h4>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-2.png\"><img loading=\"lazy\" width=\"1024\" height=\"539\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-2-1024x539.png\" alt=\"\" class=\"wp-image-22715\" srcset=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-2-1024x539.png 1024w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-2-300x158.png 300w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-2-768x404.png 768w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-2.png 1162w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure><\/div>\n\n\n\n<h4><strong><span style=\"color:#b45f06\" class=\"has-inline-color\">Where does the money go?<\/span><\/strong><\/h4>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-3.png\"><img loading=\"lazy\" width=\"1000\" height=\"400\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-3.png\" alt=\"\" class=\"wp-image-22716\" srcset=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-3.png 1000w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-3-300x120.png 300w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-3-768x307.png 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/a><\/figure><\/div>\n\n\n\n<h4><strong><span style=\"color:#b45f06\" class=\"has-inline-color\">How is the deficit financed?<\/span><\/strong><\/h4>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-4.png\"><img loading=\"lazy\" width=\"972\" height=\"416\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-4.png\" alt=\"\" class=\"wp-image-22717\" srcset=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-4.png 972w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-4-300x128.png 300w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-4-768x329.png 768w\" sizes=\"(max-width: 972px) 100vw, 972px\" \/><\/a><\/figure><\/div>\n\n\n\n<h4><strong><span style=\"color:#b45f06\" class=\"has-inline-color\">Gradual Consolidation in Fiscal Deficit<\/span><span class=\"has-inline-color has-luminous-vivid-amber-color\">&nbsp;<\/span><\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-1.png\"><img loading=\"lazy\" width=\"1024\" height=\"536\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-1-1024x536.png\" alt=\"\" class=\"wp-image-22714\" srcset=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-1-1024x536.png 1024w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-1-300x157.png 300w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-1-768x402.png 768w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-1.png 1123w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><strong><br><span style=\"color:#073763\" class=\"has-inline-color\">Key Themes for the Budget<\/span><\/strong><\/h2>\n\n\n\n<h4><strong><span style=\"color:#b45f06\" class=\"has-inline-color\">1. Focus on Capex <\/span><\/strong><\/h4>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-7.png\"><img loading=\"lazy\" width=\"1024\" height=\"547\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-7-1024x547.png\" alt=\"\" class=\"wp-image-22743\" srcset=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-7-1024x547.png 1024w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-7-300x160.png 300w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-7-768x410.png 768w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-7.png 1124w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure><\/div>\n\n\n\n<h4><strong><span style=\"color:#b45f06\" class=\"has-inline-color\">2. Lower Subsidies and MGNREGA Spends<\/span><\/strong><\/h4>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-5.png\"><img loading=\"lazy\" width=\"1024\" height=\"545\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-5-1024x545.png\" alt=\"\" class=\"wp-image-22720\" srcset=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-5-1024x545.png 1024w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-5-300x160.png 300w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-5-768x409.png 768w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-5.png 1129w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-6.png\"><img loading=\"lazy\" width=\"1024\" height=\"550\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-6-1024x550.png\" alt=\"\" class=\"wp-image-22719\" srcset=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-6-1024x550.png 1024w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-6-300x161.png 300w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-6-768x412.png 768w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-6.png 1123w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure><\/div>\n\n\n\n<h2><strong><span style=\"color:#073763\" class=\"has-inline-color\">What\u2019s in it for you?<\/span><\/strong><\/h2>\n\n\n\n<h4><strong><span style=\"color:#b45f06\" class=\"has-inline-color\">1. No Change in your Personal Income Tax Slabs<\/span><\/strong><\/h4>\n\n\n\n<h4><strong><span style=\"color:#b45f06\" class=\"has-inline-color\">2. Second chance for tax-payers with faulty I-T returns<\/span><\/strong><\/h4>\n\n\n\n<p>Going forward, the taxpayers will have a <strong>two-year window<\/strong> to file an \u2018<strong>Updated Return<\/strong>\u2019 in case of any mistakes or omissions in their original return.<\/p>\n\n\n\n<h4><strong><span style=\"color:#b45f06\" class=\"has-inline-color\">3. Surcharge on Long Term Capital Gains capped at 15%<\/span><\/strong><\/h4>\n\n\n\n<p>Individuals with taxable income over Rs. 50 lakhs are required to pay surcharge ranging from 10% to 37% on the tax amount. However, the surcharge on long term capital gains from equity investments are capped at a maximum of 15%.<br><br>In the budget, the same has been extended to other asset classes as well i.e. the <strong>surcharge<\/strong> on <strong>long term capital gains<\/strong> <strong>from all types of assets<\/strong> will be capped at a <strong>maximum of 15%<\/strong>. This is a positive for investors in real estate and unlisted companies.<\/p>\n\n\n\n<h4><strong><span style=\"color:#b45f06\" class=\"has-inline-color\">4. Digital Assets Taxation<\/span><\/strong><\/h4>\n\n\n\n<p>Income from the transfer of digital assets such as Cryptocurrencies, NFTs will be <strong>taxed at a flat rate of 30%<\/strong>. These assets when gifted will be taxed in the hands of the recipient.<\/p>\n\n\n\n<h4><strong><span style=\"color:#b45f06\" class=\"has-inline-color\">5. Duty revisions to make certain goods cheaper \/ costlier<\/span><\/strong><\/h4>\n\n\n\n<p><strong>What will be cheaper?<\/strong>&nbsp;<\/p>\n\n\n\n<p>Diamonds, Gemstones, Mobiles, Clothes, Cocoa Beans etc<\/p>\n\n\n\n<p><strong>What will be costlier?<\/strong>&nbsp;&nbsp;<\/p>\n\n\n\n<p>Imitation Jewellery, Umbrellas, Unblended fuel etc<\/p>\n\n\n\n<h2><strong><span style=\"color:#073763\" class=\"has-inline-color\">Equity View: Government\u2019s focus continues to be on \u2018Growth\u2019 &#8211; Favourable for equity markets<\/span><\/strong><\/h2>\n\n\n\n<p>Similar to last year, the Union Budget has put growth on the forefront. This is evident from the higher quality of fiscal spending &#8211; 25% increase in capex and a reduction in revenue expenditure as % of total expenditure. The multiplier effect from this higher capex spending could support earnings growth in the coming years.<br><br>The budget estimates seem realistic and transparent. There is a scope for a positive surprise as some assumptions on the revenue side look conservative &#8211; like Nominal GDP growth, Tax\/GDP and divestment targets.<\/p>\n\n\n\n<p>Prior to the budget, we had a <strong>Neutral<\/strong> view on Equities i.e. to maintain the original asset allocation split between Equity and Debt exposure in your existing portfolio<\/p>\n\n\n\n<p>This view is derived based on our evaluation of 3 factors &#8211;&nbsp;<\/p>\n\n\n\n<ol><li>Earnings Cycle&nbsp;<\/li><li>Valuation&nbsp;<\/li><li>Sentiment<\/li><\/ol>\n\n\n\n<p>As per our current evaluation we are in: EXPENSIVE VALUATIONS + BOTTOM OF EARNINGS CYCLE + MIXED SENTIMENTS<\/p>\n\n\n\n<p><strong>We continue with our original view and remain positive on Indian equities from a 5-7 year time frame &#8211; driven by our expectations for a strong earnings growth environment over the next few years. The current budget announcements lend more confidence to our outlook.&nbsp;<\/strong><br><\/p>\n\n\n\n<h2><strong><span style=\"color:#073763\" class=\"has-inline-color\">Fixed Income View: Brace for gradual rate hikes and volatility in Debt funds<\/span><\/strong><\/h2>\n\n\n\n<p>Both Fiscal Deficit for FY23 at 6.4% of GDP and Net Market Borrowing (Gsec +T bills) at INR 11.1 lakh crores for FY23 came in much higher than what the bond markets were expecting. In addition, Fiscal Deficit for FY22 has been revised upwards to 6.9% from 6.8% of GDP. The market was hoping for a lower deficit number for FY22 given the higher tax collection. The delay in clarity on India\u2019s inclusion in global bond indices, which needed some clarity on taxation, also added to the concerns.&nbsp;<\/p>\n\n\n\n<p>These concerns were reflected in the 10 yr Gsec moving higher by 15 to 20 bps on the budget day (01-Feb-22).&nbsp;&nbsp;<\/p>\n\n\n\n<p>Overall we expect the bond markets to remain volatile in the short term in the backdrop of rising crude prices, higher inflation, geopolitical tensions, higher supply of government bonds and an exit from prevailing loose monetary policy globally.<br><\/p>\n\n\n\n<h4><strong><span style=\"color:#b45f06\" class=\"has-inline-color\">FundsIndia Debt Portfolio Strategy<\/span><\/strong><\/h4>\n\n\n\n<p><strong>We prefer funds with&nbsp;<\/strong><\/p>\n\n\n\n<ol><li><span style=\"color:#073763\" class=\"has-inline-color\"><strong>HIGH CREDIT QUALITY (&gt;80% AAA exposure)<\/strong><\/span><\/li><li><span style=\"color:#073763\" class=\"has-inline-color\"><strong>LOWER MODIFIED DURATION (1 year or less)<\/strong><\/span><strong>&nbsp;<\/strong><\/li><\/ol>\n\n\n\n<p><strong>as these funds are better suited for a \u2018rising yield\u2019 environment. <\/strong>They are<strong> less volatile<\/strong> <strong>when yields increase <\/strong>and <strong>quickly reset <\/strong>to<strong> higher yields<\/strong> <strong>(thereby enhancing potential returns).&nbsp;<\/strong><\/p>\n\n\n\n<p>With the broad objective of <strong>striking a reasonable balance <\/strong>between<strong> near term volatility <\/strong>and <strong>long term portfolio returns<\/strong>, here is our debt fund portfolio construction approach.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image.png\"><img loading=\"lazy\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image.png\" alt=\"\" class=\"wp-image-22701\" width=\"550\" height=\"337\" srcset=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image.png 951w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-300x184.png 300w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2022\/02\/image-768x471.png 768w\" sizes=\"(max-width: 550px) 100vw, 550px\" \/><\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>A budget focused on investment led growth with higher spending on capital expenditure and no major surprises or shocks.&nbsp; Key Highlights 1. Significant Focus on Capex Higher than expected increase in Capital Expenditure from Rs. 6.0 lakh crs in FY22 to Rs 7.5 lakh cr in FY23 (25% rise) Capex spending remains dominated by roads, [&hellip;]<\/p>\n","protected":false},"author":37,"featured_media":22767,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[506,66,509],"tags":[90,716,187,243,718,517,717,587,148,516,518],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>India Budget FY23: Pro-Growth Budget With Focus On Capital Expenditure<\/title>\n<meta name=\"description\" content=\"Similar to last year, the Union Budget has put growth on the forefront. 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