Shumita Deveshwar, director of India research at TS Lombard said while it is a dampener on sentiment, the move is also being seen as the government trying to increase as much tax revenue as it can before the elections. ‘The budget is very much like that. [The government is] saying that we need to increase spending, we need to do things for farmers and low-income groups and we are going to get the money from those who pay taxes,’ Deveshwar said.
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