The Modi government, in its third elected term, will present a full Union Budget later this month. It would not be entirely incorrect to assume that in certain areas, the government may continue embarking on a few of its previous fiscal strategies, as indicated by earlier political economy interventions. For example, it is expected that the current government will continue its higher capex-fuelled spending strategy, despite its failure to substantially boost private investment levels over the last few years. This was executed at the cost of revenue expenditure needs (see the decline observed in year-on-year government spending on critical social welfare programs).