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An Analysis of the Indian Union Budget 2015

An Analysis of the Indian Union Budget 2015

Economic Goals, Levers and Challenges

India expected to get into a high growth trajectory in the medium term

Political mandate for economic development

Improvement in domestic indicators such as inflation and fiscal deficit resulting in a stable growth environment

Favorable external environment - low current account deficits and high foreign reserves and growing FDI.

Lower oil prices, an easing of domestic monetary policy aided by lower inflation, and likelihood of a normal monsoon will drive near-term growth

Improvements in business, tax and investment climate and infrastructure focus will drive longer term growth

Creating employment opportunities will, however, be a challenge in the short term

About this report

The report elaborates on the economic goals, levers and challenges of the Indian economy. It analyses the 2015 Indian Budget with respect to its key thrust areas, its financials, priority themes, and the outlook by key sectors.


  • Economic Goals, Levers and Challenges
    • India expected to get into a high growth trajectory in the medium term
    • Macroeconomic Fundamentals will Remain Supportive
  • Macroeconomic Thrust Areas
    • Macroeconomic Thrust Areas for 2015-2016
      • Key areas of Focus - Fiscal Consolidation
    • Macroeconomic Thrust Areas for 2015
      • Key areas of Focus - Long Sustainable Future
      • Key areas of Focus - Strengthening Agriculture
  • Financials
    • Central Plan Outlay by Sectors - Transport the Largest Beneficiary
      • Table Central Plan Outlay by Sectors - Transport the Largest Beneficiary
    • Central Plan Outlay by Ministries - Led by MORTH and Railways
      • Table Central Plan Outlay by Ministries - Led by MORTH and Railways
    • Central Plan Outlay by Ministries - Min. of Tourism saw a 142.2% jump
      • Table Central Plan Outlay by Ministries - Min. of Tourism saw a 142.2% jump
    • Central Plan Outlay by Ministries - Ministry of AYUSH's budget was Doubled
      • Table Central Plan Outlay by Ministries - Ministry of AYUSH's budget was Doubled
    • Government Revenue vs. Expenditure - A Credible Budget with Minimal Downside Risks
  • Priority Themes - Impact & Opportunities
    • Priority Themes
      • Larger Infra Spending and a Deeper Financial Market
      • Tap into Unproductive Savings and Widen the Formal Economy
      • Improve the business climate: Ease of Doing Business
      • India as a Manufacturing Powerhouse
      • Skills for All; Direct Benefits for Under Privileged
  • Conclusions
    • Key Conclusions - Economy
  • Outlook by Key Sectors - Automotive Industry
    • Automotive Industry
      • Mild positive impact on CV and Tractors
      • Neutral impact on PV, Auto component and Tyre segments
  • Defence Industry
    • Reduction in Defense Import will Increase Defense Production
  • Transportation & Logistics Market
    • Significant Impetus provided to transportation infrastructure
    • Service-tax exemption for specific transportation services
    • Progress on implementing Dedicated Freight Corridor projects
    • Proposed raising of freight rates for 12 commodities
  • ICT
    • No direct impact of the budget on the ICT sector
    • Government's Digital India Initiatives will provide many new opportunities for ICT
  • Metals & Mining
    • Mixed bag for Indian Steel Industry
    • Opportunities and Outlook - Steel Industry
  • Energy & Environment
    • Budget 2015 Reiterates Government focus on Commitment to Climate Change and Green Energy
    • Sector-Wise Opportunities and Outlook - Energy & Power
  • Chemicals
    • Infrastructure, Rural and Farm allocation and Reduction in Duties will have Direct Impact on Chemicals Sector
    • Construction Chemicals, Paints and Coatings, Agrochemicals and Polymers to Benefit

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