India, Nov. 28 -- Days before Britain's autumn Budget, there was speculation that like last year, the rich class would face fresh tax blows. Headlines screamed that the country's richest, Lakshmi Mittal, had decided to shift elsewhere because of the taxing tax problems. What irked him was last year's inheritance tax, according to media reports, as well as the growing feeling among the ruling labour leaders that the wealthy need to pay more to fund the welfare schemes for the poor. Since succession is a sensitive issue among business families, it was logical for someone like Mittal, as also others, to take decisions to preserve and safeguard the assets for the future generations.

But, contrary to expectations, the Budget did not throw up ...