Budget 2018-19 is one that the markets are looking forward to eagerly – more eagerly than the past few years when the Union Budgets were referred to by many as a non-event. This is mainly because it cannot be ignored that this will be the last full Budget before the next general elections in 2019, and eight state elections are coming up in the medium term.

Markets would, therefore, closely watch announcements around taxation, rural economy, social sector and infrastructure spending. After the rollout of the goods and services tax (GST) in July last year, the possible indirect tax ...