New Delhi, April 1 -- The tax relief provided in the Union budget takes effect from 1 April. Taxpayers can now expect more money left in their hands. The big question is whether they will spend this money or not.

No doubt, the relief was generally meant to ease the burden of India's middle class, as defined by taxpayers-the vast bulk of whom are in tax brackets below the top-most slabs above annual incomes of Rs.50 lakh that attract a surcharge. But it was also hoped that the extra money would be spent to drive demand and thereby help spin the wheels of India's economy faster.

Such an outcome is predicated on beneficiaries opting not to save the benefits of this fiscal stimulus, or at least not most of it. The Centre's budget has rejigg...