The Budget's Horizon Is A Mark Of Its Confidence

It is interim but also benefits from a rare political context that enables aiming for the long haul. It keeps an eye on polls with due fiscal restraint and a steady focus on infrastructure

The term 'interim budget' had a ring of paradox this time as Finance Minister Nirmala Sitharaman rose to present it. By Indian protocol, this vote-on-account had to resist momentous moves, as national polls are due in 2024-25, after which a new government must propose revenue and expense plans for that year, but its moment was extraordinary. It was backed by a rare momentum, both economic and political, the latter driven by incumbency expectations unseen in half a century. So a budget that's interim in letter could be highly indicative in spirit - especially of the range of its view. How well this advantage of not needing the blip of a pre-poll splurge was pressed home came down to its fiscal dedication to a covid-bloat reversal and allocations for the economy's future. Evaluated thus, on the horizon of its thrust, the FM's proposals reveal confidence.