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A Budget Whose Silences are Ominous -Prabhat Patnaik

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The people are thus facing increasingly hard times, but in the bland vision of the Modi government, there is no cognisance of it. However, that itself is ominous because when the balance of payments becomes unmanageable, the Modi government will run to the IMF to ask for a rescue package.

No budget in recent memory has been presented at a time when the economy is in such dire straits: unemployment is so bad that there are job riots in Bihar and UP; wealth and income inequalities are among the worst in the world; millions more have been pushed into poverty because of the pandemic and the lockdown; and inflation is accelerating even amid massive unemployment. There is an urgent need for a strategy that promotes economic revival while providing relief to the poor and contributing to an abatement of inflation. The 2022-23 union budget should have spelt out such a strategy, but, far from doing so, it does not even show a cognisance of the problem. The Economic Survey presented to parliament the previous day had shown great complacency; the budget carries it forward.

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