Finance Minister Nirmala Sitharaman had set the expectations when she promised a budget like “never before” (and a paperless Budget) to address the biggest concern being likely contraction in GDP of 7.7 percent [as per advance estimates on the Indian economy by the National Statistical Office (NSO)] as uncertainties around a sustainable rebound of demand continue to weigh on economic activity.
The key likely would be to prioritise spending and take adequate measures to fill up the gaps created by the pandemic. With the fortune of many multinational corporations being affected by the pandemic, the expectation of India Inc in the form of government support through corporate tax reforms is widely anticipated.
The government has taken…