Budget Comment

HDFC Bank Limited

Telugu Super News,Hyderabad,February 1,2023:The budget recognised that it would have to continue playing the lead role in driving investments in the economy given the rising global risks and only a nascent recovery in the private capex cycle. capital outlay for 2023-24 was raised to INR 10 lakh cr, a rise of 33% year on year.

The budget also pays heed to the need for fiscal consolidation reducing its fiscal deficit target to
5.9% of GDP in 2023-24 from 6.4% in 2022-23. The resultant lower than expected market borrowing
number is likely to bring some relief for the bond market. We see the 10-year bond yield to
moderate towards 7-7.1% in FY24.

HDFC Bank Limited

The budget also announced adjustments in income tax slabs that is likely to boost consumption and
savings in the economy, benefitting taxpayers particularly at the lower brackets of the income

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