EQUITABLE GROWTH MUST BE THE FULCRUM OF GOVERNMENT BUDGETS
Business World India|20 May 2023
GOVERNMENTS have an obligation to use taxpayer money responsibly. Budget making requires a strategic and comprehensive approach. Policymakers must invite consultations, gather input on budget priorities and allocate funds accordingly. Most state budgets do not.
Vikas Singh
EQUITABLE GROWTH MUST BE THE FULCRUM OF GOVERNMENT BUDGETS

Citizens have a bigger role (than they own up to) in influencing budget priorities. They must participate, advocate, organise and mobilise society to raise issues and build momentum. They unfortunately don’t, are despondent and look to others.

Civil society and the Press too must shoulder the responsibility and engage with key stakeholders to communicate with and question the government.

The Central government’s budget hogs the limelight. It attracts disproportionate attention, even obsession. State policies and budgets that trigger and catalyse economic activities and growth drivers are often ignored. Growth and its dynamics are bottom-up. The policies at the state level attract investment, ‘Ease of doing business’ drives consumption, creates infrastructure and impacts most other growth drivers.

In a less developed economy the government must prioritise social spending and invest in multipliers such as health, education and rural development. But equally, it must invest for the future, in hard assets and strategic infrastructure that promote growth. Roads, bridges, transit, water, power, rail network, etc. are the essential building blocks of the economy. They enable trade, power businesses. Poorer states, particularly in the north and east need holistic and radical reforms. At the same time they need to build capacity to match and march with other more developed states. 

Lazy Policymaking: However, the trend is to focus on nonmerit subsidies and misdirected welfare spending. Such spending constitutes over three fourths of what some states ‘earn’. Misdirected and non-merit subsidies benefit only the endowed. It shows up as lopsided development.

هذه القصة مأخوذة من طبعة 20 May 2023 من Business World India.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة 20 May 2023 من Business World India.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

المزيد من القصص من BUSINESS WORLD INDIA مشاهدة الكل
MEMORIES & IMPRESSIONS
BW Businessworld

MEMORIES & IMPRESSIONS

Ratan Tata was an exceptional human being. He was a visionary leader, esteemed industrialist, and a humanitarian, who left an indelible mark on India and the world.

time-read
3 mins  |
October 19, 2024
The Robotaxi Market
BW Businessworld

The Robotaxi Market

The robotaxi market is shaping up to be a high-stakes battleground as tech giants and automakers race to transform urban mobility.

time-read
1 min  |
October 19, 2024
And the Nobel Prize Goes to AI
BW Businessworld

And the Nobel Prize Goes to AI

The recent Nobel Prize T awards to AI pioneers affiliated with Google have sparked a broader conversation about Big Tech's influence on research and the limitations of traditional prize categories.

time-read
1 min  |
October 19, 2024
Ola Electrified
BW Businessworld

Ola Electrified

Once considered a trailblazer in India’s electric vehicle (EV) ecosystem, Bhavish Aggarwal’s Ola Electric now faces a major accountability crisis.

time-read
1 min  |
October 19, 2024
Sharp Slide in Industrial Output on Eve of Deepavali
BW Businessworld

Sharp Slide in Industrial Output on Eve of Deepavali

India’s index of industrial production (IIP) saw a sharp reversal in August, contracting by 0.1 per cent, in stark contrast to the 4.7 per cent growth in July, mostly because of significant contractions in mining and electricity generation.

time-read
1 min  |
October 19, 2024
Heralding the Solar Era with Sustainable Electrification
BW Businessworld

Heralding the Solar Era with Sustainable Electrification

RAJEEV KASHYAP on the economics of solar power, the hurdles in scaling it, and much more

time-read
2 mins  |
October 19, 2024
A WELL-GREASED MACHINE
BW Businessworld

A WELL-GREASED MACHINE

The OmniBook X14 laptop runs on first-generation Snapdragon X Elite, which bets big on Al-enabled productivity and battery life, but falls short when it comes to overall experience, says Deep Majumdar

time-read
4 mins  |
October 19, 2024
DO NOT LETA HEALTH CRISIS RUIN YOUR FINANCIAL HEALTH
BW Businessworld

DO NOT LETA HEALTH CRISIS RUIN YOUR FINANCIAL HEALTH

For a family of four living in a metro, it is recommended to opt for a family floater health insurance plan with a sum insured of at least Rs 15-20 lakh

time-read
7 mins  |
October 19, 2024
Disruption Ahead: Beyond Organisation Charts and Structures
BW Businessworld

Disruption Ahead: Beyond Organisation Charts and Structures

ALBERT EINSTEIN FAMOUSLY said, “We cannot solve our problems with the same thinking we used when we created them.

time-read
3 mins  |
October 19, 2024
Dr. Rahul Shivajirao Kadam: A Visionary Leader Blending Sustainability, Innovation, And Social Empowerment
BW Businessworld

Dr. Rahul Shivajirao Kadam: A Visionary Leader Blending Sustainability, Innovation, And Social Empowerment

We are on the stage of global warming, and these technologies not only help prevent further damage but also leave behind a better environment for future generations.

time-read
2 mins  |
October 19, 2024