NEW DELHI: The big win in the UP elections is a shot in arm to Prime Minister Narendra Modi . If foreign brokerage BofA-ML’s assessment is something to go by, Modi is most likely to come out all guns blazing, with Finance Minister Arun Jaitley determined to bring back Rs 1 lakh crore via raids and seizures and pushing Income Disclosure Scheme II.“We expect Jaitley to step up the drive to force black money hoarders to declare money under the Income Disclosure Scheme II, ending on March 31, through make-an-example raids and seizures. We grow more confident of our call that the IDS-II will net Rs 1,00,000 crore, almost double of what is budgeted,” the brokerage said.According to the foreign investment firm, the finance ministry will want to build on the perception that the UP victory has validated the government's demonetisation drive.“It will likely also threaten to investigate black money hoarders' property investments using the Benami Property Act. In our view, anti-incumbency, borne of poor growth, was also a key catalyst that defeated the ruling party in every state: UP (SP); Punjab (SAD-BJP); Goa(BJP); as well as Manipur and Uttarakhand (Congress),” the brokerage said.The brokerage expects the government to step up rural public spend in the run up to the 2019 polls . This was evident in Budget 2017-18, which focused intensively on rural spend, housing schemes and tax cuts at the lower end of the income ladder.“In our view, this would pay for higher rural public spend, social housing and recapitalisation of PSU banks/bad bank/NAMC in the run up to the 2019 general elections, along with Rs 60,000 crore RBI special dividend . We continue to expect Delhi to push banks to cut lending rates (50-75bp by September BofAMLe) on RBI OMO,” BofA-ML said.“On balance, this supports our stand call that investors focus on consumption over investment. That said, we continue to emphasise that the Indian growth cycle remains far more linked to the global cycle than change of governments at home. Key political watch: Bihar-type alliance of UP opposition parties by the 2019 general elections,” it said.