Budget: It's too early folks, Jaitley's real test lies in 2015
Jaitley's budget a more interim one
Jaitley's budget this year, to analyse, is more an interim one and he has wisely not tried to get carried away by the current of an overwhelming mandate.
Many key issues need to be addressed
The decision to raise foreign investment caps in defence and insurance sectors to 49 per cent is there in Jaitley's first budget but it was more of an extension of what the previous regime had thought. The government has also to address key issues like subsidy reforms like in food and petroleum and also rural employment schemes. The issue of disinvestment and privatisation also needs to be addressed.
The real test will be in 2015
Jaitley's
real
test
will
be
in
2015
when
his
government
will
get
past
its
honeymoon
period.
The
finance
minister
will
have
to
call
the
shot
in
sometime
to
address
the
key
areas
in
an
economy
which
has
not
seen
the
best
of
times
recently.
Can
Jaitley
take
the
route
of
radical
reforms
seven
months
down
the
line?
After
all,
in
India,
economics
is
always
held
hostage
by
politics
and
regimes
have
mostly
struggled
to
get
the
direction
of
the
economy
right
to
overhaul
a
self-defeating
Nehruvian
style
over
the
years.
Jaitley
needs
to
lay
out
his
govt's
policy
stand
and
not
care
about
what
critics
say
It will be in the nation's interest if Jaitley lays down his government's stand on the economy and not get bogged down by criticism raised by the opposition and the media on probable hurdles about raising funds or how 2 lakh people missed out on job opportunities. It is unfortunate that the everyday governance in our country gets mired in petty disputes on prime time news and no long-time dream manages to evolve. The new government can not afford to waste time on reforms if India eyes a take-off by the time the third decade of the 21st Century arrives.
It is not a budget of missed opportunities but just a cautious beginning
Arun Jaitley needs to continue with the task of reforms in 2015 and stress emphatically that India now aims for a new economic zeal and settle with the same-old redistribution of poverty, parliamentary procedures notwithstanding. If Narendra Modi is being projected as the father of the second Republic of India, then his economic vision also needs to back his political success.