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LATEST NEWS UPDATES | Can PM Modi afford to ignore 70% of India in Budget 2018-19?

Can PM Modi afford to ignore 70% of India in Budget 2018-19?

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published Published on Jan 29, 2018   modified Modified on Jan 29, 2018
-The Economic Times

NEW DELHI: The upcoming Budget poses a big challenge to Prime Minister Narendra Modi. There are too many demands on the Budget while the government is expected to stick to its fiscal deficit targets.

Traditionally, Modi's Bharatiya Janta Party (BJP) has been seen to rely on middle-class voters—urban workers and small traders. But Modi's rise to power was fuelled equally by rural voters. Budget 2018-19 being the last full Budget before the next Lok Sabha elections, and coming immediately before assembly elections in eight states, electoral politics is expected to be writ large on this Budget.

The erosion of the BJP's rural base in the Gujarat elections and the upcoming elections in a few predominantly agricultural states make rural sector the strongest candidate for a Budget largess. Nearly 70 per cent of India's 1.3 billion population is rural, and Modi may not be able ignore it.

Yet, the middle class, hassled by economic disruptions of demonetisation and the GST, expects relief in the form of wider tax brackets and exemptions. Being the BJP's core vote bank, it cannot be ignored either. Modi has to offer some relief to the corporate sector too to boost private investment which has been lagging for the past few years.

Higher spending in Budget 2018-19 may boost growth but will also fuel inflation and make it difficult for the government to stick to its fiscal deficit targets.

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The Economic Times, 27 January, 2018, https://economictimes.indiatimes.com/news/economy/policy/can-pm-modi-afford-to-ignore-70-of-india-in-budget-2018-19/articleshow/62673111.cms


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