India seen boosting spending on infrastructure

The Feb. 1 budget comes days before the start of elections in five states, including the most populous, Uttar Pradesh

Budget 2022: India plans to raise spending on infrastructure in its annual budget next week to set the economy on a firmer footing, but fiscal constraints leave little chance of concessions for households hurting from the pandemic, officials said.

Asia’s third largest economy is estimated to expand 9.2% in the fiscal year that ends in March, following a contraction of 7.3% in the previous fiscal year.

Yet private consumption, which makes up nearly 55% of GDP, is below pre-pandemic levels amid rising levels of household debt, while retail prices have swelled nearly a…read more