The policymakers have looked beyond convention to ensure that the effective fiscal stance does not become staunchly pro-cyclical ahead, while policy adherence to mediumterm fiscal sustainability is signaled. We reckon innovative financial sector reforms, better resource allocations, stable tax regime and fiscal funding by aggressive asset sales in the form of existing functional infrastructure monetization, reinstitution of the DFI model, core and strategic disinvestment, etc. as positive for medium-term growth potential. We remain OW on domestic-cyclicals (Banks and Autos), Building materials and Pharma. This report is solely produced by Emkay Global. The following person(s) are responsible for the...