Following up on Friday’s post, the instant analysers of the Budget have proclaimed it to be a good, reform-friendly Budget. The market ended up 175 points, so it must be a good budget. In fact, expectations were that the Finance Minister would end up doing a lot of damage in the Budget, and when that did not materialise, everyone was relieved. (For an alternate view, read this commentary by S Gurmurthy.)
Anyways, these are small grouses. A few thousand crores here or there doesn’t really matter. What does matter is that India at this juncture of time needs Big Ideas – in areas like education, energy, urbanization, transportation and urban infrastructure. Of course, it is not the FM’s job to come up with these ideas. But that’s what the country needs and we are not seeing from the Government. We continue to proceed along with the target of 8-9% growth. Which of course seems great considered we grew in the low single-digits for much of our post-Independence life.
India needs a dramatic, disruptive change in its policy climate. And that is not something we seem to be asking for and getting.