Though, finance minister Nirmala Sitharaman (FM) has kept a sharp focus to maximise the impact of every rupee spent to generate a multiplier impact in the economy.
Tourism has been a focus area for the government in the last few years because of its potential to generate revenue (both domestic and foreign) and employment. The budget is targeting 50 destinations to be selected via a challenge mode this year to be developed as full fledged tourist spots for both foreign and domestic tourists.
Bulk of the spending is to uplift the poor and the neglected. The FM has continued her support for the free grain distribution benefitting 80 crore people for another year.
Middle class has also been a beneficiary of the budget with a little more money in the pocket. Raising of tax slabs along with reduction in peak surcharge shall result in around Rs 35,000 crore being saved by tax payers and hopefully being spent to boost consumption.
Stock market closing down post budget in our view has little to do with the budget speech and more with the premium valuations India is trading at compared to its peers.
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