We expect increased allocation towards rural infrastructure/MNREGA & Crop insurance. But we do not expect union budget to announce farm loan waivers. We are expecting aggressive/political targets for MUDRA and agriculture loans. Since the government has already announced PSU recapitalization plan, we do not see any incremental development on the same. For insurance, the allocations towards government’s flagship health insurance would be a key look out. Further any slippage on fiscal deficit would be a key lookout and its impact on G-sec yields.