Despite slew of polls ahead, prospects of populist budget appear bleak

On the revenue side, lower tax buoyancy could be partly countered by higher RBI dividend and still-healthy assumption of divestment proceeds. "We watch for possible changes to capital gains tax structure and new personal tax regime, extension of concessional 15% tax rate for new manufacturing units, and higher import tariffs on PLI-related products," the report said.

Despite slew of polls ahead, prospects of populist budget appear bleak
On the revenue side, lower tax buoyancy could be partly countered by higher RBI dividend and still-healthy assumption of divestment proceeds. "We watch for possible changes to capital gains tax structure and new personal tax regime, extension of concessional 15% tax rate for new manufacturing units, and higher import tariffs on PLI-related products," the report said.