Nirmala Sitharaman’s political budget

Why read this story?

Editor's note: Finance minister Nirmala Sitharaman has handed Prime Minister Narendra Modi a Union Budget that could be his bazooka in the elections to nine state assemblies this year, and for the general elections next year. Presenting the last full budget before the country goes to the polls, she has given nearly everyone something to cheer about.  The markets reacted positively even as the finance minister was delivering her speech, but saw a sharp fall towards close owing to the shocks she delivered to the life insurance sector and the ongoing slide in the Adani group’s stocks. Overall, there was a sense of relief that she didn’t tinker with long-term capital gains tax.  “There was no bad news,” a well-known market investor said on a business news channel. And thanks to the budget, he added, it was time to bet on stocks that were “India-facing”. Industry titans were all praise for the 33% increase in capital expenditure that is sure to boost economic activity, and add to the top line of Indian industry. “This government has been giving a huge push to …