The growth path remains tricky as consumption demand for entry-level cars, mobile phones and loans slows, and reluctance to spend on non-essentials continues even as incomes rise to pre-pandemic levels
“The Govt could probably even better it (fiscal deficit), but I have a feeling they will not and instead choose to spend any additional revenues to support the revival process. I am also fairly confident that they are not going to overshoot their borrowing target. The Centre has been communicating this repeatedly, they are not going to overshoot,” says Saugata Bhattacharya.