The Modi budgets- High achievements sans institutionalised changes

Budgets reflect the economic philosophy, near-term political economy pressures, and the long-term vision of a government. A review of budget metrics (table below) across the twilight years of the Manmohan Singh UPA government and the Modi government reveals a surprisingly elevated level of similarity, despite differentiated specific outcomes. In plainer words, the rulers changed but […]

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Budget Fy 2023 – Saying sorry is ok

The drama and spectacle around Budgets in India are completely undeserved. More than four-fifths of the Union Budget demands relate to expenditure that is carried through from past decisions, leaving little leeway for bold new outlays. And even when such programmes are budgeted, it is unclear who is going to pay for the added expense. […]

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India’s infirm reforms path

Is India a market maker or a market taker? In financial jargon, “takers” buy or sell at the price available in the market whilst “makers” actively buy and sell, thereby molding the market price and making it liquid. Applied to sovereigns, the United States is certainly a “market maker” as is the European Union and […]

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