New Delhi, Jan. 29 -- Every year, the presentation of the Union budget on 1 February is met with eagerness and curiosity about what it has in store. It may contain changes to taxation that affect our take-home income, provisions for certain industries that influence our investment portfolios, or measures that shape the broader economy's growth. Yet, it rarely alters the course of our lives dramatically, touching only certain facets of them.

At its core, the Union budget is a statement of the central government's estimated income for the coming fiscal year, the expenditures it plans under various heads, and how it intends to bridge the deficit, since it typically spends more than it earns. Over the years, however, we have attached undue i...