Category: Budget
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When Business Crosses Borders but Tax Systems Cannot
The tax system was built for an economy that had an address. For most of modern economic history, taxation followed physical geography. A factory stood somewhere. A bank had branches. A retailer had shops. Employees worked from identifiable offices and warehouses. Governments could therefore connect economic activity with territory: if…
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The Global Middle-Class Squeeze: When Progress Stops Feeling Like Progress
The Class That Made Modern Capitalism Stable The great economic achievement of the twentieth century was not simply mass production. It was the creation of mass economic security. Industrialisation produced factories, but rising wages, affordable housing, public education, pensions, healthcare systems and expanding consumer credit gradually created something politically even…
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The Fiscal Space Crisis
The Shrinking Room to Govern Every nation eventually reaches a stage where economic progress is no longer limited by ambition but by the government’s ability to finance it. Fiscal space is that invisible room within public finances that allows governments to invest, respond to emergencies, and prepare for the future…
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Three Capital Market Risks Flagged in Economic Survey 2025–26 But Missed in the Union Budget
India’s Economic Survey 2025–26 presented a clear warning: the capital market is entering a structurally volatile phase, shaped by global financial fragmentation, rising protectionism, and India’s rapid domestic financialisation. Yet, the Union Budget 2025–26 largely avoided engaging with these vulnerabilities, focusing instead on borrowings, incremental financial sector reforms, and targeted…
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Union Budget 2026
The Union Budget 2026–27 arrives at a moment when India stands at a crossroads—balancing ambition with inclusion, technology with tradition, and domestic priorities with global headwinds. Finance Minister Nirmala Sitharaman’s Budget Speech (February 1, 2026) sets out a bold restructuring of India’s growth journey with unprecedented clarityUnion Budget 2026–27: A…
