On FY20 GDP growth to be only a tad higher than FY19 but more evenly spread and the sectors which will be leading this muted growth. Based on FY19 CSO advance estimate of 7.2%, when we are saying a tad higher we are looking at FY20 growth to be 7.5%. After many years, the growth is likely to be evenly balanced. On supply side -- agriculture, industry and services -- all are likely to contribute. There are chances of industrial growth coming slightly lower than what we have in FY19 but the services growth is likely to get a bump-up to around 8.3%. When we are saying evenly balanced, that is more visible on the demand side because in the recent past, most of the growth either came from private consumption expenditure or government expenditure and very little contribution was from investment. In FY20, all three engines will start contributing. Till date, the economy has been firing on two cylinders and third one has just started. We believe private consumption expenditure, government expenditure as well as the gross fixed capital formation will start performing and contribute to growth. That is why we are saying it will be more evenly balanced.

On the inflection point of gross fixed capital formation (GSF) after being muted in the last couple of years. The overall capacity utilisation of the manufacturing sector in the economy in the last four or five years has been hovering between 70% and 75%. Unless that number goes up to 80%, we cannot see any sort of meaningful capex. Also, if you look at an investment by the production sectors, we are looking for a long period FY12 to FY17, FY18. The numbers will be out soon and we can look at those numbers again, but it is unlikely to change the composition. Real estate has the maximum contribution to the investment in the economy. It is high time we resolve issues related to real estate.

On the key factors in this budget to watch out for that could help spur consumption as well as investment growth. This budget will be looking mainly at 2019. There is no point looking at it as it is a vote on account on FY20 numbers because after the general elections, the new government will tweak the budget as per the priority of that government. In 2019, I will be looking at the major regions of slippages, where the slippages have taken place and whether the slippages have come both from the receipt and the expenditure side or just the receipt side. Within the receipt side, there is not much problem on direct tax front but on indirect tax side, there is problem. When we look at FY20, irrespective of the government election outcome, one thing is crystal clear that there will be some sort of direct income support for the farmers.