There were no major outlay announcements, but the Budget broke convention by announcing sops for rural households and the middle-income population.
The PM Kisan Samman Nidhi will ensure a direct cash transfer to 1.2 million farmers' bank accounts. Income-tax rebates to the middle-income group will give a boost to consumption.
The Budget has also increased allocations to infrastructure and defence.
The 14 per cent increase in budgeted expenditure is sought to be financed by buoyant tax proceeds and higher borrowings. On the fiscal front for FY19, a slippage of 10 bps, given the conditions in the rural agrarian economy, is on expected lines and will not create a strain on the markets.
Aspiring to be $5trillion economy by 2022 is laudable. The government, however, needs to push investments and consumption by focussing on implementation of plans.
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