Budget 2019: Sensex, Nifty would be driven more by the macro developments

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Propriety demands that not too many changes should be made in a vote on account or Interim Budget. This is all the more true when the vote on account (on Feb 01) will precede the unveiling of the Direct Tax code report on February 28. Tinkering with the tax rates or tax provisions before the release of the report will lead to avoidable controversies.

While some reliefs that no political party can dare to roll back (like raising exemption limit for individuals under Income Tax Act) some relief measures for rural population etc can be expected. We do not foresee any measures having substantial impact on businesses. While the speech may include a lot by way of vision statement for the next 3-5 years, its implementation will be postponed to the new govt.

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