Typically, ahead of the Union Budget, this column deals with the likely government borrowing in the next financial year and its impact on bond yields. Instead of walking the well-trodden path, let me focus on something else.
The provocation is Finance Minister Nirmala Sitharaman’s recent comment: “I belong to the middle class and identify myself as middle class so that I can understand them. The Modi government has not levied any new tax on the middle class in any Budget so far. No tax levied on people who earn a salary up to Rs 5 lakh.”
Ever since she made
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