Budg Budgeet 201 t 20199
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1
2 Budget
3 Key Takeaways Good Boost to rural and urban middle income households Fiscal prudence largely maintained despite election pressures Commitment to adhere to the fiscal deficit glide path and attain 3% by 2021 Revival of Real Estate sector by giving much needed sops Expansion of tax exemption to Rs 5 lakh provides much needed succour to the urban middle class Smart Not so Good Fiscal Deficit for FY20 expected to be 3.4% with no improvement over FY19. Increase in subsidies overshadows growth in Capital expenditure Fiscal math aided by high GST growth assumptions and high divestment/ dividend targets
4 Key Highlights
5 Revenue Expenditure bumped up, capex slows in FY20BE 3,000 2,500 2,000 1,500 1, ,372 1,467 1,538 1,691 1,879 2,141 2,448 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 RE FY 2020 BE FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 RE FY2020 BE Revenue Expenditure Budget Capital Exp 3,000 2,500 2,000 1,500 1, ,559 1,664 1,791 1,975 2,142 2,457 2,784 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 RE FY2020 BE ,200 1, % 0.8% 40% FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 RE FY2020 BE Total Expenditure through Budget Budget Capital Exp Nonbudget Capex Revenue expenditure growth of 14% in FY 19 Revised Estimate (RE) and FY 20 Budgeted Estimate (BE) 2019 RE budget Capital Expenditure is higher by 20% but the growth falls to 6% in FY 20 BE Total Capex (Budget + Nonbudget) is flat in FY 20BE over FY19RE after strong growth in the last 2 years All figures in 000cr
6 High in Food subsidy, other subsidies muted FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 REFY2020 BE FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 RE FY2020 BE Food Fertiliser FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 RE FY2020 BE FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 RE 11 FY2020 BE Petroleum Subsidy Subsidies up 40% in FY 19 RE and 11% in FY 20 BE as compared to growth of 21% and 9% seen in FY 17 and FY 18 respectively in subsidies led by significant growth in food subsidies in FY 19RE and petroleum subsidy in FY20BE on account of rise in oil prices in FY19 Higher budgeted Petroleum subsidy should alleviate fears of under recoveries for Oil Marketing Companies All figures in 000cr
7 Capital Expenditure muted after 4 years of aggressive spending Railway Metro Defence Roads YoY in Capital Outlay for FY20BE 21.0% 19.2%.0% 7.7% Though growth in overall capital expenditure has been muted, focus has been on roads, railway and defence Railway capital outlay has been increased by 21%, Metro capital outlay is up by 19.2% Allocation to roads has been increased by 7.7% through budgetary allocation, but this would be higher including offbudgetary sources like NHAI Capital outlay in Defence is up by % YoY, though overall Defence outlay is up 7% YoY
8 Election Focus
9 Rural Spending Key Rural + Agri Related Schemes in Rs cr Scheme FY2018 FY2019 FY19 over FY2019 FY2020 FY20 over RE vs BE BE FY 8 RE BE FY19RE Income Support Scheme 20,000 75, % Ma ha tma Ga ndhi Na tiona l Rura l Empl oyment Gua ra ntee Pr 55,166 55,000 0% 61,084 11% 60,000 2% Urea Subs i dy 44,223 45,000 2% 44,995 0% 50,164 11% Food Subs i dy for Decentra l i zed Procurement of Foodgra i ns 38,000 31,000 18% 31,000 0% 33,000 6% Di rect Benefi t Tra ns fer 13,097 16,478 26% 16,478 0% 29,500 79% Pra dha n Ma ntri Awa s Yojna (PMAY) 31,164 27,505 12% 26,405 4% 25,853 2% Nutri ent Ba s ed Subs i dy 22,244 25,090 13% 25,090 0% 24,832 1% Pra dha n Ma ntri Gra m Sa da k Yojna 16,862 19,000 13% 15,500 18% 19,000 23% Interes t Subs i dy for Short Term Credi t to Fa rmers 13,046 15,000 15% 14,987 0% 18,000 20% Crop Ins ura nce Scheme 9,419 13,000 38% 12,976 0% 14,000 8% Pra dha n Ma ntri Kri s hi Si ncha i Yojna 6,613 9,429 43% 8,251 12% 9,516 15% National Social Assistance Progam 8,694 9,975 15% 8,900 11% 9,200 3% National Rural Drinking Water Mission 7,038 7,000 1% 5,500 21% 8,201 49% Ra s htri ya Swa s thya Bi ma Yojna 505 2, % 2,700 35% 6, % Deen Da ya l Upa dhya ya Gra m Jyoti Yojna 5,050 3,800 25% 3,800 0% 4,066 7% Procurement of Cotton by Cotton Corpora tion under Pri ce Su % 924 0% 2, % Total 2,71,224 2,80,201 3% 2,98,591 7% 3,88,905 30% The Big Highlight of the Budget 2019 was the introduction of the Income Support Scheme for marginal farmers budgeted at Rs. 75,000 cr in FY20. Direct Benefit Transfer and Swasthya Bima Yojana saw a significant growth in allocation Overall allocation to these schemes has increased by 30% in FY20BE as compared to 7% growth in FY19RE. All figures in 000cr
10 Tax Relief for Middle Class Income Tax Exemption Standard Deduction Other Measures Rs. 5.0lakh Rs. 50,000 Higher TDS Residential house inv. Higher income tax exemption threshold of Rs. 5.0 lakh vs. Rs. 2.5 lakh Impact of Rs. 18,500 crores Higher standard deduction of Rs. 50,000 vs. Rs. 40,000 Impact of Rs. 4,700 crores Higher Tax Deducted at Source (TDS) threshold on interest earned on bank/post office deposits Relief for investment in second residential house, etc.
11 Real Estate Revival
12 Fiscal Math
13 Largely Credible FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 RE FY2020 BE FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 RE FY2020 BE Corporate tax Income tax 1,400 1,200 1, ,048 1, ,800 1,600 1,400 1,200 1, ,1 1,242 1,484 1, FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 RE FY2020 BE FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 RE FY2020 BE Indirect taxes Net Tax Rev Corporate tax collections in FY19RE higher than budgeted; 13% growth in FY20 reasonable Personal income tax collection growth at 17% despite the Rs200bn tax cut implies assumption of the buoyancy seen in the last few years All figures in 000cr
14 GST twister GST collections Estimate 18% FY2018 (9 Months) FY2019 BE FY2019 RE FY2020 BE 18% growth in GST collections may be 34% higher than reasonable, but with improved compliance it should be possible. All figures in 000cr
15 Family jewels to the rescue FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 RE FY2020 BE FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 RE FY2020 BE Divestments Dividends and Profits FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 RE FY2020 BE NonTax Revenue Disinvestment targets continue to be elevated PSUs and RBI dividend continue to act as balancing figure to reduce budget deficit Nontax receipts in FY19RE Rs200bn higher than budgeted: expectation of special Reserve Bank of India (RBI) dividend?
16 FRBM target a tall order FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 RE Fiscal Deficit FY2020 BE FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 RE Fiscal Deficit % of GDP FY2020 BE 25,000 20,000 15, in absolute fiscal deficit for FY 19 RE and FY 20 BE is 7% and 11% respectively, growing lesser than Nominal GDP,000 5,000 11,234 12,445 13,682 15,184 16,785 18,841 21,007 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 RE FY2020 BE Fiscal Responsibility and Budget Management (FRBM) target of 3% Fiscal Deficit maintained for FY 21, despite no improvement in FY20 Nominal GDP
17 NDA : A Reflection While the budget is an annual exercise of the government s finances, a holistic way to analyse the budget is to look at the path chosen by the government over its entire term if it has been consistent with its promises. In this context, NDA s governments 5 th budget, despite the pressure of impending general elections has stayed largely true to the course of the previous 4 years. The introduction of new subsidies, income support for farmers and increased food subsidy, will dent the spending on capital expenditure for FY20; capital expenditure has been the highlight of this government in all previous budgets.
18 Key Charts
19 Focus on Capital Expenditure % FY 2009 FY 20 FY 2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY 2019 REFY 2020 BE Budget Capex Nonbudget Capex After growing at a robust growth rate for the first 4 years, capital expenditure is estimated to grow at the lowest rate in FY20. Despite this slowdown, the overall CAGR for the 5 years of the NDA regime remains impressive at 17.5%
20 in Subsidies remains muted % FY 2009 FY 20 FY 2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY 2019 REFY 2020 BE Fertiliser Food Petroleum Riding on benefit of lower petrol and fertilizer subsidies on account of lower crude oil prices, the NDA government was able to hike subsidy on food. The lower growth in subsidies (CAGR of 3%), also due to lower leakages on account of Aadhar, Jan Dhan and DBT, helped government fund the Income Transfer scheme for farmers.
21 FY 2009 FY 20 FY 2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY 2019 RE FY 2020 BE FY 2009 FY 20 FY 2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY 2019 RE FY 2020 BE Fiscal deficit growth lower than nominal GDP % Fiscal Deficit % of GDP Fiscal Deficit Fiscal Deficit has grown at a CAGR of 6.6% over the term of this government Though Fiscal Deficit as a % of GDP reduced from 4.5% in FY14 to 3.4% in FY 19, election related doleouts have resulted in Fiscal Deficit expanding by 11%in FY 20, almost double of that of the 5 year CAGR. The government has missed the targets for FRBM for 2 years FY 19 and FY 20
22 FY 2009 FY 20 FY 2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY 2019 RE FY 2020 BE FY 2009 FY 20 FY 2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY 2019 RE FY 2020 BE Expansion of the tax base % % 12.1% 1,172 1, Corporate tax Income tax Indirect Taxes Corporate tax Income tax Indirect Taxes Tax collections have been buoyant, with Corporate, Income and Indirect taxes increasing at a rate of 15.6% over the last 5 years. Total Tax as a % of GDP has seen a rise in each of the last 5 years increasing from 9.9% in FY 15 to 12.1% in FY20 BE.
23 Budget and IDFC Equity Funds The thrust of the budget appears to give a boost to domestic consumption. Following schemes of IDFC MF have a significant overweight on consumption oriented sectors: IDFC Multi Cap Fund IDFC Focused Equity Fund IDFC Large Cap Fund
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