While income tax slab rejigs are highly anticipated, the Government can only lower taxes when it has resources in its kitty. Unfortunately, the Government's resources are running dry at the moment due to the pandemic-induced lockdown. With vaccine being a public good and a massive vaccination drive underway, the demand on Government's finances is immense.
To create income support, Government needs to kill two birds with one stone. For instance, by commissioning the building of roads can boost the infrastructure sector as well as create jobs for the unskilled labourers, those at the bottom of the pyramid.
So, every budget has to be framed in the context of the macroeconomy. When the economy is growing at 8-9%, the Government can spend liberally and can afford to cut taxes. But, in the current context, it is going to be a tough call for Finance Minister Nirmala Sitharaman. So, people need to tone down their expectations, says ET NOW's Consulting Editor Mythili Bhusnurmath, as the Government's hands are tied.
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