Social priorities have received scant fiscal attention There is good reason to feel let down by this year’s budget for the advancement of social sectors. The disappointment is more given that the Union finance minister opened his speech by stating that “we are reaching the end of a remarkable fiscal year” and followed it up by immediate assertions that “growth in 2010-11 has been swift and broad-based”, that “the economy...

There was a lot of apprehension before budget day regarding what the Union finance minister will do to reduce the deficit. Will he roll back the tax concessions implemented a couple of years ago as part of a fiscal stimulus package? Will he announce populist social sector spending in view of the major state polls coming up this year? Will he be too timid and not take any bold steps...

On the eve of a massive agitation by Tikait Singh-led Bhartiya Kisan Union, Prime Minister Manmohan Singh met representatives of the Union and assured them that “farmers interests will be fully protected at all times.” The Prime Minister told the delegation that he would convene a joint meeting with Finance Minister Pranab Mukherjee and Agriculture Minister Sharad Pawar to have an in-depth discussion on the various issues raised by the BKU...

Two key issues Budget-2011 is seen as having failed to address are inflation and mass hunger. Finance Minister Pranab Mukherjee announced in his budget speech that the long-promised National Food Security Bill would be moved in Parliament “during the course of this year” but failed to make any financial allocation to back up this statement. Against the backdrop of fresh warnings by experts that the outlook is grim given the...

Budgets are no longer statements of accounts or expenditure. In the contemporary context, they are to be seen more as a statement of intent, ambition, reform and politics of inclusion. If these are the parameters on which Budget 2011 is to be judged, it fails despite an implicit statement of intent. For a government which has been elected on the agenda of inclusion, even the statement of intent is not new....