The last full year Union Budget, as well as the State Budgets that preceded the General and Legislative Assembly elections, were understandably populist in character and content. When translated into financial and policy decisions, this meant promising goods and services at below cost, or in some cases totally free. Concessions of various kinds also get extended to the applicable regulatory provisions. Obviously, the expectations of all governments of the day is to convert such “revadis” (as these have come to be called ever since Prime Minister Narendra Modi termed them so a few months ago) into immediate political and voting support. In such a somewhat reciprocal process, the authorities tend to forsake the potential leverage available to them by not using budgetary financial provisions for larger and sustained public welfare that might require a long gestation period before bearing fruits.
When presenting its budget for 2023-24, the million-dollar question now is whether the currently well entrenched NDA government at the Centre would fall prey to these electoral temptations or would it remain focused on growth and fiscal consolidation. A reasonable expectation is that Union Finance Minister Nirmala Sitharaman, now presenting her fifth Budget, would maintain a nuanced approach and aim for a blend of both.
CONSTRAINTS IN BUDGET-MAKING
Esta historia es de la edición January 29, 2023 de The Sunday Guardian.
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Esta historia es de la edición January 29, 2023 de The Sunday Guardian.
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WHEN PHILANTHROPY AND SEVA COME NATURALLY
On a bitterly cold January evening a group of devotees of Saint Jalaram are serving hot nutritious food to the homeless and destitute in the Holborn area of London. University students too can be seen in the queues. Saint Jalaram was born in 1799 in Gujarat.
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