Budget proposals are not really a stimulant amid lack of big-bang steps

The fiscal target seems to be reasonable at 3.5 per cent but dependent heavily on how GDP progresses

The Budget fell short of expectation that there would be a bold step taken to provide a stimulus. Instead, the Finance Minister chose to work within the confines of the normal budgetary growth numbers to deliver an impact on spending. This will work, albeit gradually. The fiscal deficit ratio at 3.5 per cent for financial year 2020-21 (FY21) is higher than the 3 per cent target under Fiscal Responsibility and Budget Management (FRBM), but lower than that for FY20, which was 3.8 per cent. It was expected that the government could have raised capex by an additional 0.5 per cent