ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

Union BudgetSubscribe to Union Budget

Indirect Taxes

The Budget for 2002-03 has done little for rationalisation of indirect taxes. The changes made are marginal and no structural reform of the type suggested by many economists, analysts and committees has been attempted. Doling out exemptions has remained the key consideration and we seem to be back to the itemby- item approach of the 1970s and 1980s.

Reform Fatigue

The unfinished agenda of economic reforms is truly large, overwhelming and in a sense daunting, but effort must be made to move forward at least in a few critical areas. The Budget for 2002-03 fails to deliver on this score.

Stock Market Response to Union Budget

This paper explores the interplay between the Union Budget and the stock market in the following areas: the extent to which the stock market response to the Budget is consistent with the behaviour that we might expect in an efficient market; the role of the Budget in the Indian economy, using the stock market as an information processing tool; and the extent to which empirical research can guide hedging and trading around the Budget date.

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