Best of BS Opinion: Macro-fiscal question, Tax proposals a mixed bag & more

Here is the best of Business Standard's opinion pieces for today

Finance Minister Nirmala Sitharaman has managed initial expectations around the Budget well, but a look at the fine print suggests less reason for euphoria. For one, net benefit to taxpayers from the income tax cuts will be less than initially announced, the fiscal correction was, in fact, done over a month ago when the Covid-related supply of free foodgrain was stopped. This plus savings on the fertiliser subsidy account for the bulk of the proposed deficit reduction; there is virtually no additional fiscal correction in the Budget. The key question, the edit asks here, is that if economic output has recovered from the Covid setback, why has the deficit not gone back to the pre-Covid year of 2019-20 when it was 4.6 per cent of GDP? Read it here
 

In other views:
 

A K Bhattacharya says the finance minister has stayed true to her commitment to fiscal consolidation, even though the pace of the decline in the deficit could have been faster. Read it here
 

Shubhashis Gangopadhyay explains why the Budget, though inevitably election-oriented, is intelligently people-centric too. Read it here
 

Rathin Roy argues that though the key constraints that cause macro fiscal stress have not been tackled they have been managed quite capably, much better than previous years. Read it here
 

Akash Prakash says the Budget is one of the better ones presented in the Modi era; It does no harm, makes the commitment to capital expenditure clear and tries to stimulate the economy. Read it here
 

V S Krishnan outlines the indirect tax proposals in the Budget that, he says, represent a rethink on the past protectionist policy streak. Read it here
 

‘With over 100 amendments to direct tax proposals only the fine print will reveal devil in the detail,” writes Mukesh Bhutani. Read it here
 

Shekhar Gupta thinks describing the tax cut for the super-rich as a sop for the rich amounts to ‘oldthink’ in our political economy. Read it here
 

QUOTE OF THE DAY
 

‘The Budget focuses on growth, so India moves ahead’
 

Finance Minister Nirmala Sitharaman