New Delhi, Feb. 2 -- The Union Budget for 2020-21 offered an estimated ~40,000 crore of tax concessions to individual tax payers, following up its September decision to offer ~1.45 lakh crore of the same to companies, resorting to a straightforward (and obvious) budgetary stimulus to revive the economy.

It also increased government spending, the second way to deliver a budgetary stimulus, albeit by a modest amount, but with a sharp focus on capital expenditure (or asset creation).

The 2020-21 budget comes against the backdrop of the slowest rate of growth in 10 years. To be sure, the historical comparison improved after Friday's revision in the 2018-19 GDP figures pushed this year's growth to 5.7% from 5%, yet, the biggest expectation fro...