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    <title>Budget 2025-26 needs to focus on capex, infrastructure spending: RBI MPC member Nagesh Kumar</title>
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    <description>Prioritise sustained and increased capital expenditure and infrastructure spending to bolster growth, maintain momentum from recent budgets, and support manufacturing and exports by managing the real exchange rate to avoid overvaluation. Address external dollar-led pressures causing capital outflows and rupee depreciation. Curb expansion of voter-focused freebies because they divert fiscal resources from development and infrastructure, impose long-term costs, and undermine efforts to close regional infrastructure gaps.</description>
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