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Industrials
India
Budget 2013: Broadly positive for infrastructure/capital goods. The budget carried
broadly positive news for infrastructure such as (1) augmentation of cheaper, longer-term
funds (doubled limit on long-term tax-free bonds to Rs600 bn, reduced ECB withholding
tax), (2) higher investment plans (rural infrastructure, defense, railways) and (3) investment
incentives (logistics, VGF for irrigation). Concerns: reduced customs duty for construction
equipment in several sectors (mining, roads) may increase competition and lackluster PSU
budgeted spending, particularly in power (declining 7% yoy versus FY2012RE).
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