麦格理-印度-宏观策略-印度宏观策略：农村没有支出的支持-20180201-9页

Pleaserefertopage7forimportantdisclosuresandanalystcertification,oronourwebsitewww.macquarie.com/research/disclosures.INDIACentralgovernmentdeficittargetrevisedto3.3%ofGDPforFY19Source:Indiabudget,MacquarieResearch,February2018RuraldevelopmentgrowthbudgetedforFY19islow(onahighbaseforFY18)Source:Indiabudget,MacquarieResearch,February2018Analyst(s)InderjeetsinghBhatia+912267204087inderjeet.bhatia@macquarie.comUpasanaChachra+912267204355upasana.chachra@macquarie.comSureshGanapathy,CFA+912267204078suresh.ganapathy@macquarie.comNileshBhaiya+912267204044nilesh.bhaiya@macquarie.comNishantShah+912267204099nishant.shah@macquarie.com1February2018MacquarieCapitalSecurities(India)Pvt.Ltd.IndiaStrategyRuralpitchnotbackedbyspendingConclusion?India’smuchanticipatedbudgetturnedouttobeapoliticalspeechclubbedwithastatementofaccounts.Themarke