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Budget impact: Capital expenditure-tilt positive for most sectors

Domestic-focussed sectors due to the government's push on infrastructure and indigenous manufacturing are the big winners in the Budget

Union Minister of Finance Nirmala Sitharaman with Ministers of State for Finance Bhagwat Kishanrao Karad and Pankaj Chaudhary on her at Parliament for the presentation of the Union Budget 2022-23, in New Delhi (Photo: PTI)
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Union Minister of Finance Nirmala Sitharaman with Ministers of State for Finance Bhagwat Kishanrao Karad and Pankaj Chaudhary on her at Parliament for the presentation of the Union Budget 2022-23, in New Delhi (Photo: PTI)

Ram Prasad Sahu
The Street liked the government’s intent on staying the course and taking the infrastructure route to growth. The gains from this route are expected to have a long-term multiplier effect, as compared to driving demand through consumption spending. Despite buoyancy in tax collection, the government has been conservative on income estimates, which could surprise on the upside and act as a cushion in the midst of external macro pressures.

Domestic-focussed sectors due to the government’s push on infrastructure and indigenous manufacturing (Atmanirbhar Bharat, Production-linked Incentive or PLI scheme) are the big winners in the Budget. However, the lack of incentives

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