Driving capex and growth with fiscal prudence riding pillion: Nirmal Jain

A recent study by IIFL Securities analysed expenditure trends in the last four pre-election-year (PEY) budgets. They concluded that governments do not always step-up revenue expenditure relative to capital expenditure. In 3 out of 4 PEY budgets, growth expenditure was accelerated much more than populist schemes. This point has been again reiterated in the budget.

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