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The estimate for next year is based on prudent assumptions for tax revenue growth — both direct and indirect taxes — conservative assumptions for dis-investment revenues and receipts of dividend and profits from state-owned entities. The introduction of the healthcare cover of Rs 0.5 million to about 100 million vulnerable families was a laudable initiative to improve the finances and health of the poor.
The finance minister, though, took care to prevent any ‘retrospective’ effect on the taxes by indexing the future gains to the prices as on 31 January 2018.
This is a step in the right direction and puts equity on a par with other asset classes.