The Finance Minister is obviously expected to wield the magic wand which can prove to be a panacea for all economic evils and ills. Jayshree Sengupta in her article
‘Expecting a populist budget’ (February 23) has very confidently tried to forecast the contents of the budget and her perceptions are very naturally based on the compulsions of the political class of decision makers.
Let us think of deviating from the traditional, stereotyped and already tested paths of deficit financing which instead of bringing cheers adds to the economic woes. The Finance Minister must focus on austerity measures, concentrate on streamlining of policy execution and take steps to bring back black money.
If we continue wasting our precious resources on unproductive, wasteful and illogical expenses, we cannot execute policies and programmes; they continue to project their false sheen only on papers, which has been superfluously relished by the political bosses of this country.
Any number of governments and budgets will not be able to bring the economy on the right track if daring measures like getting back black money are not adequately addressed.
Deficit financing if not used in a planned manner would surely add fuel to the fire. The savings from the austerity measures, the reverse flow of drained black money suitably and ably studded with perfect execution of plans and policies can effectively substitute the budget deficit which is a double edged sword whose negative side has worked due to improper and populist use of the fiscal tool.
The cosmetic and short term solutions and remedies to the economic problems confronting the nation are thought of only in the election year.
Dr SANJEEV TRIKHA, Fatehabad