Her best Budget

In the Finance Minister's budget speech, the word development' occurs 38 times, followed by infrastructure' which occurs 28 times and growth' which occurs 15 times. The message is unmistakable the government believes that development and growth are to be brought via the medium of investment in infrastructure. Infrastructure has been the focus of this budget, as it was in the last two years also

- GOVIND BHATTACHARJEE

In the five years that Ms Nirmala Sitharaman has presented her budgets, this may well be her best. She deserves several compliments. First, even though this was the last full budget before the 2024 elections, she steered clear of any populist spending even while granting significant concessions to different sections.

Unlike other political parties, the Modi government's philosophy has generally been against the culture of giveaways and to focus instead on creating jobs and income through the multiplier effect from investments. Ms Sitharaman has once again stuck to this path of financial prudence.

Second, she has successfully brought down the level of subsidies to release money for boosting capital expenditure.

Third, the middle class, the 430-million strong, vocal segment of India's population whose income lies between Rs 5 lakh and Rs 30 lakh, estimated to grow to more than 715 million and constitute almost half of India's population by 2030, has something to cheer at last, even though it may not be three full cheers.

Fourth, the government's commitment to continue on the path of fiscal consolidation has been reaffirmed. There are quite a few other welcome features in the budget, but these I think are the most important. There are also a few disappointments, most notably the refusal to rationalise the structure of capital gains taxation.

There was also no attempt to rein in the burgeoning centrally sponsored schemes (CSS).

In her budget speech, the word 'development' occurs 38 times, followed by 'infrastructure' which occurs 28 times and 'growth' which occurs 15 times.

The message is unmistakable the government believes that development and growth are to be brought via the medium of investment in infrastructure.

Infrastructure has been the focus of this budget, as it was in the last two years also.