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The decision to reduce the base rate of income tax to 25 per cent is a welcome concession and a motivation to small and medium enterprises. At the same time, this is a disciplined government; fiscal deficit targets are well in control at 3.5 per cent. The salaried class has got some help through the standard deduction; this will benefit low-income wage earners.
Some more incentives for big-ticket private investments were required to kick-start the investment cycle. It would have gone a long way in helping create jobs and attract capital.