March 2, 2015
A framework for recovery and growthSubramanian Swamy
After a decade of economic decline, wrongly attributed to the global economic meltdown, recovery and growth need a different policy today, using a new framework of objectives, priorities, strategy and resource mobilisation measures. The Union Budget is a serious attempt to have such a framework in place
Budget-making today is a tough call for a Finance Minister trying to reverse the past decline caused by the UPA’s policies. The Indian economy, for example, decelerated from an 8.4 per cent growth rate in GDP in 2003-04 to 4.8 per cent in 2013-14. The UPA’s decade of economic decline has been wrongly attributed to the global economic meltdown especially during the last six years of the decade.
Therefore, recovery and growth need a different policy today, and require choosing a new framework of objectives, priorities, strategy and resource mobilisation measures in constituting a budget.
The Budget for 2015-16 presented on Saturday to Parliament by Union Finance Minister Arun Jaitley is a serious attempt to usher in such a new framework. An analysis of how far he has succeeded and what more remains to be done for a successful turnaround is the concern here in this article.