The Union Budget this year seems particularly important in the aftermath of the India’s biggest decision of 2016 – demonetisation and preceding elections in UP.

A recent report by Ambit capital suggests that Union Budget is likely to be focussed primarily on reinforcing the ‘black money crackdown’ theme with a secondary focus on delivering token payments to the poor as well as income tax cuts. Even though it was a massive political success, it’s still unclear if the experiment worked for the government in its stated attempt to curb black money or raise the tax ...