"The Budget is keeping in line with the Prime Minister's objective of bringing demonetization benefit to the downtrodden," said Commerce Minister Nirmala Sitharaman.
The Modi Government resisted the temptation of going in for a populist Budget, even as it dedicated it to the poor and gave an aggressive push to the rural sector.
With five states heading for elections this month, there was expectation that the Budget could factor in the BJP's political aspirations. While refraining from outright sops, the government has underlined that the theme of the Budget was the welfare of farmers, poor and underprivileged.
This was reflected in Prime Minister Narendra Modi's words calling it as a "Uttam Budget" (Excellent Budget) which was "devoted to strengthening hands of poor, farmers, women and villagers".
"The Budget is keeping in line with the Prime Minister's objective of bringing demonetization benefit to the downtrodden," said Commerce Minister Nirmala Sitharaman.
The political nuances were in the sub-text. Underlining the long-term benefits of demonetization, Finance Minister Arun Jaitley said in his speech that increasing revenues was one of its priorities and this would be used for welfare of poor and deprived. He also spelt out that the overall approach was to spend more in rural areas and poverty alleviation while maintaining economic prudence.
The BJP was hoping to cash in on demonetization in poll-bound states, as a fight against corruption and aimed at interests of the poor and middle class. Party President Amit Shah said the Budget was for the "gaon aur kisan (village and farmers)" and that the income tax relief and housing sector proposals will help the middle class. He also said the PM had kept his promise of fighting black money in political funding. "The limit on cash donation to political parties is the beginning of a new era," Shah said.
The proposals on political funding will give the BJP another plank to flaunt that Modi was serious about fighting corruption at all levels. "Every party has talked about it. But here comes a Budget that does something.
Symbolically, he has scored high," sociologist Dipankar Gupta said.
The BJP, which is trying to reach out to non-Yadav OBCs and non-Jatav Dalits in UP, could also brandish the Mudra Yojana prioritising lending to OBCs, Dalits, tribals and women.
Government sources said elections could not dictate the Budget, which had to factor in several aspects and have a socio-economic rationale. However, they said it did give relief to the small taxpayer, incentivise more people to get into the tax net and tax the rich.
The expectations of populism had risen with the Budget being advanced from the usual February 28, a decision which Jaitley at the outset said was taken to enable ministries to operate new schemes from beginning of the financial year.
The government came in for criticism from Bharatiya Mazdoor Sangh (BMS), the trade union wing of the Rashtriya Swayamsevak Sangh. It said the Budget had failed in its objective of "transforming, energising and cleaning India with the aim of poverty alleviation."
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