Every economist and banking analyst has got their fiscal deficit estimate for FY2021 and FY2022 wrong but, smelling growth, none is complaining about an expansionary Budget. The equity market, led by the bank stocks, cheered it full throttle.
At the macro-level, the rise in the bank stocks signals investors’ outlook on the economy. More than this, three key elements in the Budget have excited them.
The first is privatisation of two public sector banks. After 51 years of bank nationalisation, the government has finally admitted that it should not be in the business of running all public sector banks (PSBs). While Rs
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