The finance minister has presented a very workmanlike Budget which does not really break any new ground or deliver anything radical. However, neither does it cause any real damage. Markets will very quickly shrug off the event and once again look towards more fundamental issues of earnings, liquidity and interest rates. The next stage of our markets will be driven by the delivery on earnings.
First of all, unlike many I feel the budget arithmetic is actually reasonable and the fiscal deficit numbers honest. Many complain about the revenue assumptions. 20 per cent growth for income tax is not outlandish in
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