The Union Budget 2021–22 indicates rise in capex from Rs 3.4 trn in FY20 to Rs 4.4 trn in FY21RE and further to Rs 5.5 trn in FY22BE.
This implies growth of 65% y-o-y over two years.
However, after making necessary adjustments, combined capital outlays are pegged to grow by 6.6% y-o-y in FY21 and 12.3% y-o-y in FY22, Motilal Oswal has said.
This implies average growth of 9.5% y-o-y over FY21–22, similar to the pre-COVID period (FY17–20).
