Non-tax revenues hold key to meeting budget targets: Swiss brokerage UBS

Lauding the budget focus on nursing the nascent growth revival at the cost of fiscal consolidation, Swiss brokerage UBS has said budgetary math seems realistic but meeting privatisation targets are key. Without increasing taxes and imposing new levies, the budget is focused on strong capex, which is the highest since FY08, and projected a fiscal deficit target of 6.8 per cent for FY22.