FY24 budget to push up public capex: Sonal Varma

The primary focus for the upcoming budget for 2023-24 would be to push up public capital expenditure (capex), according to Sonal Varma, an economist for Nomura Holdings Inc. However, the increase in budgetary allocation for capex may be lower than previous budgets because of a broader economic slowdown. From an economic and political perspective, Varma stated that the government would step up spending on agriculture and rural development schemes.