The Modi government has responded to a clamour of complaints from India’s middle class voters with a big bang outreach through tax cuts. If the last budget in July was about shoring up those constituencies where BJP saw an erosion of support in the 2024, this one is a statement of intent by a confident regime that is looking to shore up its middle class support and unleash a new consumption-based booster to the economy.

Beyond that, though, those expecting big bang economic reforms akin to what we saw in 1991, major changes to lift up the animal spirits of the economy would be disappointed.

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