New Delhi, Feb. 9 -- Dispirited by an economic slowdown and stagnant spending power, observers greeted finance minister Nirmala Sitharaman's beribboned tax breaks with a combination of euphoria and hope. There was elation because tax breaks could mean more money to spend and save; there are also expectations that this time will be different, because past experience shows that good budgetary intentions can be scotched by hidden small-print or an unexpected surge in inflation.

But disappointment lay elsewhere. The budget failed to go the distance in offering taxpayers long overdue justice by evening out the skewed power balance between individuals and the corporate sector. At the same time, it might be worth acknowledging that the near-uni...