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Morgan Stanley said in a report the focus will be on raising additional resources through strategic divestment and asset monetisation.
The conclusion of the Air India divestment as well as the upcoming listing of LIC is expected to prompt the Centre for a robust divestment target for FY23.
Asia's third largest economy is estimated to expand 9.2% in the fiscal year that ends in March.
The government may increase the limits on standard deduction from Rs 50,000 to Rs 1 lakh, SMC Global Securities said in a report.
Any new tax like wealth tax or others at this point could do more harm than good, SBI Research has cautioned ahead of the Union Budget to be tabled in the Parliament on February 1.
The budget is likely to focus on gradual fiscal consolidation, continuing to favour investment-driven growth with a push for both public and private capex, and raising additional resources through strategic divestments and asset monetization.
LIC's listing is set to be India's biggest ever IPO, with the government aiming to raise up to 900 billion rupees ($12.2 billion) from selling a stake.
Activists of the CPM and its youth and student wings took out protest marches across the state, leading to confrontation with Congress workers in some areas.
SFI activist Dheeraj Rajendran, 21, was allegedly stabbed by Youth Congress member Nikhil Paili. The latter was arrested by the police later.
Dheeraj was stabbed during a clash during the college union elections. Two other SFI members – Abhijith and Amal – were also critically injured in the attack and have been hospitalised.