In a new year message to his employees a week ago, industrialist Kumar Mangalam Birla spoke at length about how India and the world were facing thte after-effects of what he called ‘slowbalisation’. “This new world,” he said, “is not for the faint-hearted.”
Finance Minister Nirmala Sitharaman by no means is faint-hearted. Anyone who has seen her working would agree that the lady means business, even though she goes about it rather grumpy faced. But faint-hearted? No, sire.
Yet, when Sitharaman gets up to present the Union budget on February 1, it will put to test every bit of her resolve. For this is no ordinary budget. At no point since Manmohan Singh, as P.V. Narasimha Rao’s finance minister, set in motion India’s liberalisation story in 1991 has the annual event assumed such significance. At stake is not just the future of India’s fortunes, but also the political legacy of Prime Minister Narendra Modi.
Till about three years ago, India was the world’s fastest-growing major economy. Then everything went awry. As non-performing assets piled up, banks and the financial system came under immense stress. In them, non-banking financial companies (NBFCs) that lend to small businesses and consumers, in turn, faced a shortage of cash, percolating the woe down the value chain. Modi’s demonetisation of high-value currency notes in 2016 remains an unmitigated disaster, particularly for small businesses and farmers. Spending by rural population, already plagued by bad crops and falling prices, plummeted. Rule changes like the Real Estate Regulation Act (RERA) and Goods and Services Tax (GST), aimed at structurally cleaning up and simplifying the system, led to transitional pangs, further compounding the problem.
Denne historien er fra February 02, 2020-utgaven av THE WEEK.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra February 02, 2020-utgaven av THE WEEK.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Themes Of Choice
As Savvy Investors Seek New Avenues, Thematic Mutual Funds Are Gaining Popularity
A golden girl
One of India's most formidable beauties passed away earlier this month. The odd thing is she would absolutely hate this obituary; she hated being written about and avoided publicity for all of her nine decades. Indira Aswani was 93 when she died. But anyone who encountered her, even briefly, was in such awe of her grace and poise, and one could not but remember her forever.
The interest in wine is growing delightfully in India
The renowned British wine writer and television presenter Jancis Robinson, 74, recently came to Delhi and Mumbai to reacquaint herself with India's wine industry. This was the Robinson's fourth visit to India; the last one was seven years ago. On this trip, Robinson and her husband, restaurateur Nicholas Lander, were hosted by the Taj Hotels and Sonal Holland, India's only Master of Wine.
United in the states
Indian-Americans coming together under the Democratic umbrella could get Harris over the line in key battlegrounds
COVER DRIVE
Usage-driven motor insurance policies offer several benefits
GDP as the only measure of progress is illogical
Dasho Karma Ura, one of the world's leading happiness experts, has guided Bhutan's unique gross national happiness (GNH) project. He uses empirical data to show that money cannot buy happiness in all circumstances, rather it is family and health that have the strongest positive effect on happiness. Excerpts from an interview:
India is not a controlling big brother
Prime Minister Tshering Tobgay considers India a benevolent elder sibling as the \"big brotherly attitude\" is happily missing from bilateral ties. He thinks the relationship shared by the two countries has become a model of friendship not just for the region, but for the entire world. \"India's attitude is definitely not of a big brother who is controlling and does not allow the little brother to blossom and grow,\" says Tobgay in an exclusive interview with THE WEEK.
Comrade with no foes
Lal Salaam, Comrade Yechury-you were quite a guy!
Pinning down saffron
In her first political bout, Vinesh Phogat rides on the anti-BJP sentiment across Haryana
MAKE IN MANIPUR
Home-made rockets and weapons from across the border are escalating the conflict
