*Dear All,* *Union Budget FY2026, scheduled for February 1, 2025*, arrives amidst delayed RBI rate cuts, moderated domestic growth, and global uncertainties. *Here’s our view on what we expect from the upcoming event.* 📌 *Fiscal Deficit:* Projected to narrow to 4.4% of GDP, ensuring fiscal consolidation 📌 *Capital Expenditure:* Estimated at ₹11 trillion for FY2025-26, focusing on railways, roads, housing, and rural development 📌 *Borrowings:* Gross borrowings projected at ₹14.47 trillion, considering buybacks conducted till date 📌 *Revenue Growth:* An 11% increase in net tax revenue is anticipated Click below to read the full report. https://www.kotakmf.com/documents/UnionBudgetFY2026_Our%20Expectations_22Jan2025 MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY. Thanks & Regards, Team Kotak MF