The upcoming budget is likely to boost Rural/Agri spending by USD 10 bn - a growth of 15% over FY23 - and maintain double-digit 20% growth in public capex over the current fiscal, given that the nation will be going to the polls in mid-2024. A global slowdown, fading of pent-up domestic demand, and the hike in interest rates are likely to slow down the country’s economic growth to about ~6% in FY2023-24E. Fiscal Deficit to be maintained at 5.9%.