Great expectations: The NDA’s first budget will set the tone for the rest of its term

Abstract

THE Union budget of 2015 will have a special place in Indian economic history. It is the first complete budget of the new government, being prepared in the backdrop of low oil prices and current account deficit, which will give the administration headroom on both the fiscal and the external fronts. The “Make in India” programme has recently received a boost from the successful visit of the US president to Delhi, after Prime Minister Narendra Modi called on the US last September. Globally, after more than three decades of high growth, China is suffering from a slowdown. India, on the other hand, is on a well-deserved upswing after years of liberalisation and reforms. Thanks to the BJP’s thumping majority in the Lok Sabha, “policy paralysis” is over and there is new objectivity in government and business. The Union budget will be presented in the midst of newfound optimism and positive sentiments. What should be the focus of such a budget? It should address the hopes of 125 crore Indians — a difficult but achievable goal. The objective of macroeconomic policy is stability and growth. The Union budget should, therefore, ensure fiscal stability, employment creation and high growth. Read more at: https://indianexpress.com/article/opinion/columns/great-expectations-16/