The white paper we got wasn't the one needed urgently

There's a glaring disconnect between India's self-congratulatory narrative on the economy and official growth estimates. India's economic growth is the fastest.

- PUJA MEHRA

But gross value added (GVA) of agriculture will grow 1.8% in 2023-24, slower than 4% the previous year, according to government estimates (bit.ly/42DEoly). That nearly 46% (bit.ly/3HUCQ9B) of our working population that toils on farms is experiencing such low growth is what likely made the Narendra Modi administration promise free food to about 40% of Indians for the next five years.

This may call for a review of the growth strategy the finance ministry is pursuing, the workhorses of which are the budget's capex and welfare spending. It needs to be evaluated if capex outlays are ensuring meaningful growth for the bulk of our people. Welfare spending is largely on wages under the rural jobs guarantee scheme that are too meagre to assure economic well-being, while free wheat and rice provide calories, not nutrition.