New Delhi, Feb. 1 -- Nearly a quarter of it - 24 paise - of every rupee in the union Budget presented by Finance Minister Nirmala Sitharaman on Sunday will come from borrowing.
This means that the government proposes to spend today by pledging tomorrow. Income tax will contribute 21 paise and corporate tax another 18. Thus the middle class and the organised corporate sector together remain the most dependable pillars of government finance.
Indirect taxes continue their quiet but steady role. Goods and Services Tax and other minor levies will yield 15 paise. Non-tax revenue - dividends from public sector undertakings, licence fees, interest receipts and service charges - will add 10 paise. Excise duties, still tied largely to petroleum pro...