While a higher capital outlay has been budgeted for FY 23-24, trends of last FY suggest states have underspent on capex & are unlikely to achieve their targets for 2022-23.
Capex was flat over FY19 to FY21 and grew 16% in FY22. The forecasts are for 8 state owned enterprises and 21 privately held Fitch-rated corporates in India.
The Russia-Ukraine war exposes a complex paradox of power where the world’s most powerful country, with all its resources, is falling short in coercing a much more weakened Russia to kowtow to its demands.
Mini deal will likely see no cut in 10% baseline tariff on Indian exports announced by Trump on 2 April, it is learnt, but additional 26% tariffs are set to be reduced.
India-Russia JV is also racing to deliver 7,000 more AK-203 assault rifles by 15 Aug. These are currently being made with 50% indigenisation and this will surge to 100% by 31 December.
Public, loud, upfront, filled with impropriety and high praise sometimes laced with insults. This is what we call Trumplomacy. But the larger objective is the same: American supremacy.
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