This Budget could be described as “informally interim”. If the Goods and Services Tax (GST) comes through, there will be huge changes in taxes. The Budget also avoids assessing the impact of demonetisation and there’s paucity of data from the second half. That data would mean a revision of the Revised Estimates. So, few of the numbers are trustworthy. Most market-watchers will make their judgments based on one macro-number — the fiscal deficit. The finance minister (FM) says the (Central) fiscal deficit will be held to 3.2 per cent of gross domestic product (GDP). This is higher than the three
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