Refer to important disclosures at the end of this report Infra spending to slow sharply: we prefer niche players over larger ones The Government has come up with an ambitious plan of spending Rs102tn to boost the infrastructure in the country over FY20-25, highlighted through the National Infrastructure Pipeline (NIP). However, the worsening fiscal stress of both the Centre and the States implies that funding this capex will be a huge challenge. As against a combined Government infra spend growth of 28% in FY19RE, we are already set for a...