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UBS Investment Research
India Market Strategy
Budget: Tug of war Inflation vs. Growth
�� Reforms, Fiscal Deficit, NREGA allocation remain key focus
While we believe it is a challenge to forecast what the Indian FY12 budget has in
store, we have made an attempt to look at some of the key issues in this note. (1)
Given the state elections, we expect NREGA allocations to pick up in addition to
the recent increase in NREGA wage rates (2) Fiscal deficit number is likely to be
closely watched given the rising oil prices, absence of one-time revenues such as
3G, WiMax license fees. (3) Investors perceive that reforms have slowed in the
past 12 months and the budget may address this issue.
Visit http://indiaer.blogspot.com/ for complete details �� ��
UBS Investment Research
India Market Strategy
Budget: Tug of war Inflation vs. Growth
�� Reforms, Fiscal Deficit, NREGA allocation remain key focus
While we believe it is a challenge to forecast what the Indian FY12 budget has in
store, we have made an attempt to look at some of the key issues in this note. (1)
Given the state elections, we expect NREGA allocations to pick up in addition to
the recent increase in NREGA wage rates (2) Fiscal deficit number is likely to be
closely watched given the rising oil prices, absence of one-time revenues such as
3G, WiMax license fees. (3) Investors perceive that reforms have slowed in the
past 12 months and the budget may address this issue.