Arun Jaitley's last full-year Budget takes populist route but with caution

The growth projection for FY18-19 is basically in line with the forecast of the IMF

This was Finance Minister Arun Jaitley’s last full-year Budget before the general elections due in 2019, and also with the perspective of four state elections to be held this year. So, there was no surprise that much of the resources were devoted to the agriculture and rural sectors that are crucial for the outcome of the next elections. In that respect, the results of the Gujarat elections in which the frustration of the rural sector boosted the performance of the Congress, were a warning that the Prime Minister Narendra Modi could not ignore.

However, should the electoral context and tone of