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Within days of Finance Minister Nirmala Sitharaman presenting her maiden Budget in July 2019, following Prime Minister Narendra Modi’s landslide victory for a second consecutive term, concerns about a deeper economic slowdown began to gain momentum. In response, the government announced a series of sector-specific measures, with the biggest highlight being a corporate tax cut to 22 per cent in September that year. It triggered the biggest market rally in a decade.
The current parallels with 2019 are striking. In FY20, economic growth slowed down to 5.1 per cent in the June quarter, the slowest pace in six
