Budget 2019: Fiscally correct, but familiar tax targets

FM rationalises revenue estimates, squeezes capex ; focuses on repairing financial sector and ease of paying taxes

Finance Minister Nirmala Sitharaman, presenting her first Budget, found novel ways of raising resources while also seeking to restore confidence in the financial sector and deepening the equity and bond markets. A major thrust of the Budget was simplifying the payment of both direct and indirect taxes, as well as support for small and medium enterprises and start-ups. Capital expenditure was crunched to help meet fiscal consolidation targets. 

The fiscal deficit target for the ongoing fiscal year has been lowered to 3.3 per cent of gross domestic product (GDP), lower than the Interim Budget’s 3.4 per cent. In spite of