Research

A new secular growth begins In our note Union Budget 2022 – What did it deliver?, we said that this was a transformative budget for India, harking back to the early 2000’s – the government was going to use the rising tax revenues to fund infrastructure projects rather than increasing subsidies, which it had previously

Key Theme – Capex to drive India growth The government has made a big play on using capex to accelerate growth and employment in India. There are multiple threads to what should become a multi-year policy plan. While the budget is inflationary, it is a reasonable growth vs inflation trade-off, in our opinion. Capital expenditure