BOOSTER SHORT

Union Finance Minister Nirmala Sitharaman’s second Budget speech on Saturday sought to make up in length and breadth for what it couldn’t deliver in the form of an effective stimulus for India’s fast-slowing economy.

- Vikas Dhooti

Interspersed with some feelgood decisions, such as lower personal income tax rates and a hike in the deposit insurance cover for bank depositors (from ₹1 lakh to ₹5 lakh), were some bold decisions like listing the Life Insurance Corporation of India and abolishing the Dividend Distribution Tax.

A caring society

Ms. Sitharaman expounded on three themes — aspirational India (a better life for all), economic development for all (yielding more space for the private sector) and creating a caring society — in her record-breaking speech of more than two-and-a half hours, aimed at boosting in comes and purchasing power. Inflation, she said, was well-contained and the economy’s fundamentals remained strong.

To boost farm incomes and the rural sectors, the Finance Minister allocated ₹2.83 lakh crore and fixed ₹15 lakh crore target for agriculture credit, along with 16 new and renewed measures. Another ₹1.7 lakh crore was allocated for transport infrastructure and ₹40,740 crore for the energy sector.