India, Jan. 30 -- It is not that the Budget is not important. It is.

For bond markets and the wonks who work there. Fiscal movements amounting to a few basis points can affect billions of rupees in money markets.

For high-net-worth individuals and companies that tend to lose or gain significantly based on sector/slab specific announcements. And perhaps for equity markets - but only in the short-term. Long-term, there are many factors which drive them.

But should it really matter for the people or political economy at large?

There was a time, before the Goods and Services Tax (GST) was implemented, when the government's decision on union excise duties would decide the prices of a whole lot of goods. Not anymore. That prerogative is now...