Announcing the budget, honourable finance minister, Nirmala Sitharaman said the Budget proposals for 2021-12 rest on six pillars including — health & well-being, physical & financial capital & infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation & R&D, Minimum Govt & Maximum Governance. While the budget lacks direct boost to consumption, countercyclical expansionary fiscal policy adoption and lower interest rates bode well for bolstering consumption growth through multiplier effects. The Key themes in the Budget were a) Infrastructure, b) Manufacturing and c) Agriculture & Social. Given the weak macro, markets widely expected additional taxes and/or reduced spending to manage the Fiscal deficit within the FRBM targets. Amending the FRBM act is a clear indication of the government focusing on growth over consolidation. Equity markets cheered the budget with a sharp 5%+ rally. Debt markets sold off ~15 bps in response to a weaker than expected fiscal outlook.