Union Budget-2018

The Background

The budget was presented in an interesting context for the economy. This was going to be the last full
year budget of the government before union elections. Also the implementation challenges on GST have
caused a significant revenue shortfall. Combine that with weakness in growth with elections approaching
which meant that expenditure compression was not an option. There was thus a distinct possibility of the
government taking on a severe populist turn. In fact, the fear of fiscal profligacy had driven a huge selloff
in bond markets over the last few months.

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