How did the onset of the pandemic affect already-struggling budget management, how did the second wave affect the measures taken in Budget 2021-22 and what should we look for in the upcoming Budget?

While the pandemic context cannot be ignored, it would be a mistake to view this year's budget solely through a COVID-19 lens.

What matters now is the meta narrative about how India debates, makes and implements policies. If too many people in politics feel that this kind of decision won the Uttar Pradesh election, then we may have more of such actions

Using tax collection numbers as signifiers of robust economic activity may be highly optimistic.

The original assumptions underlying the decision remain unclear, but it seems to be causing considerable harm. Although popular right now, demonetisation may not end up being a good bargain.