The BJP government has focused on keeping the economy on the growth track rather than any short-term populist wins.
-Published in the Quint
Impartial observers of the Modi government, and especially of Finance Minister Nirmala Sitharaman, were not convinced by the pre-budget expectations that Budget 2022 will be an election budget that will fork out the hard-won budget prudence to gain an electoral edge. To some of us, therefore, it comes as no surprise that this is a pure work-in-progress, business-like, no-nonsense budget, which is focused on keeping the economy on the growth track rather than any short-term populist wins.
Budget 2022 has taken a leap of faith and focused on using the scarce resources available to go for growth rather than spending on income support or tax sops to the lower middle class. Hiking capital expenditure by 35.4% to hit Rs 7.5 trillion (up a huge 2.2 times from just two years ago) reaching almost 3% of GDP is a big statement on the government’s view on its role in keeping India on the growth path.