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India’s Union Budget 2009-10: First Impressions

Overall Impact
The Union Budget 2009-10, as Pranab Mukherjee mentioned, is one of continuity. No major new schemes. No major tax changes. No change in the thinking of the government with respect to the fiscal deficit. No major reforms announced in the Budget, either. The initial impression one gets is that the government is hoping that the external environment will improve, domestic demand will pick up and lift the economy out the trough.

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