This refers to the editorial, “For A Healthy India” (February 2). Given the heavy usage of economic jargon and verbose construction of sentences, the Union Budget usually elicits unenthusiastic reactions from the masses. Political parties, therefore, feel obliged to respond tepidly and criticise this sacred document. That India stands out among the fastest growing economies of the world despite tumultuous international developments and radical domestic policy actions, shows that its macroeconomic stability continues to be the foundation of its economic success. The Government’s proposal to create an institutional mechanism to develop appropriate policies for price and demand forecast, use of futures and options market, the launch of ‘Operation Green’ and re-structured national bamboo mission are welcome initiatives to resurrect India’s ailing agricultural sector.
Provision of electricity to rural households under the Pradhan Mantri Saubhagya Yojana, the establishment of Affordable Housing Fund and the setting up of new milestones for development of rural infrastructure are essential reforms that will enhance livelihood opportunities. The resolve to strengthen legal framework to facilitate resolution of bank’s NPAs and developing a robust digital payment infrastructure is a reiteration of the Government’s commitment to make a transition to a cashless economy. However, the Government could have heightened the spirit of ‘imaandari ka utsav’ by introducing direct tax reforms for the salaried class. There was no mention of any concrete employment generation programme to harness India’s demographic dividend. On the whole, given elections are due next year, the Finance Minister should be credited for not indulging in any ill-advised fiscal adventurism and presenting a balanced Budget to the nation.