So, today is another Budget Day in India. And in a few hours, we will probably be discussing how yet another opportunity to change India’s policy climate was missed. That’s really been the story for most of the Budgets that have presented. I hope I will be surprised, but the likelihood is very high that it will yet another damp squib, with lots of money being thrown to the social sector to reinforce the votebanks. For Union Budgets, every year is an Election year.
I am waiting for the Finance Minister who can actually do away with the need for such a publicly awaited event like the Budget. India’s challenges have straightforward solutions, but that doesn’t seem apparent to the decision-makers. Or maybe it is apparent, but politics that attracts votes always wins over prudent economic policy that results in development.