India's Finance Minister makes a statement even before the budget speech with a red cloth covering the budget docs

Nirmala Sitharaman has started the budget day with a new look. She has junked the traditional briefcase that has been carried by her predecessors for a red cloth covering the budget documents, much like the old practice among Indian merchants.

Chief Economic Advisor K Subramanian called it the rejection of India’s long slavery to western thought. Now, in an era where neo-liberal policies define how good the market sentiment, one cannot say for sure if this message of going back in time will help the market mood.

This government has one leg in the idealism of 'swadeshi'-- is home made-- much like the current protectionism of the west. There is buzz that the government may bring back the inheritance tax on the super rich.

The government definitely has a point to prove in trying to give more money to the consumers, give more money to the banks, incentivise companies, as well as provide huge support to farmers.

Where is the money going to come from is something that upper middle class and the rich of this country will be anxiously watching. Stay tuned to Business Insider for updates through the day

SEE ALSO:
Income tax , bank recap, Air India, and 5G spectrum sale are some things to watch out for in Finance Minister Nirmala Sitharaman's first budget speech


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