The Union Budget lacks any tangible measures to increase revenue generation even though the capital expenditure  plans have gone up significantly and the fiscal deficit estimate suggests that the government is relying too much on strong growth to help drive fiscal consolidation, rating agency Moody’s said in a note.

The Budget underscores government’s previous emphasis on capex to sustain near-term recovery from the pandemic, while simultaneously paving the way for longer-term restructuring of the economy, it stated.