The Government surprised the markets with a bold budget which focus on reviving
growth by deficit spending. Government expenditure for the year was revised to
?34.5 lakh cr. from the budget estimate of ?30.4 lakh cr. The Government surprised
the markets and went for much needed deficit spending with the fiscal deficit for
the year being relaxed to 9.5% from 3.5%. The fiscal deficit figure was significantly
above market estimates of ~7% for FY21. Moreover the fiscal deficit figure for
FY2022 at 6.8% was also well above market estimates.

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