Amidst uncertainty, some stability

Like much else in economics, Budgets too need to be de-mystified

After the disruption caused by the November demonetisation of high-value notes, what the economy needed most of all from the Budget was an absence of further shocks. This was not a year for ambitious budgeting or bold initiatives. Also, as Arun Jaitley outlined at the start of his Budget speech, there is considerable uncertainty facing the economy, domestically and internationally. Given this context, Mr Jaitley has delivered what the situation demanded: A Budget whose principal message is stability and responsibility. The result is the relief rally on the stock market. For the sixth year in a row, the fiscal deficit