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PSU divestment, LIC IPO, fiscal deficit: How brokerages read Budget 2021

Budget 2021 marks a clear change in the Modi government's stance from fiscal conservatism to growth orientation, notes analysts at Jefferies

Finance Minister Nirmala Sitharaman holds a folder case containing a tablet with files of the Union Budget 2021-22 on it	Photo: PTI
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The government’s decision to accelerate spending, a volte-face from its earlier strategy, reflects its view of higher multiplier effects during the unlock phase, Nomura says

Puneet Wadhwa New Delhi
Markets have been on fire after Finance Minister Nirmala Sitharaman presented Budget proposals for fiscal 2021-22 (FY22) with the S&P BSE Sensex surging over 3,300 points in just two sessions. Most brokerages have given a thumbs-up to the proposals, calling them ‘pro-growth’ that will entail a capex-driven revival of Covid-19 impacted Indian economy, even though fiscal deficit and the borrowing programme of the government for the next financial year came in a tad higher-than-expectation.

Divestment of select public sector banks (PSBs) and one general insurance company, initial public offer (IPO) of Life Insurance Corporation (LIC), Air India, tax rationalisation of