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ways be addressed. It seems the business circles are ill at ease with the Budget not so much for what it has done but for what it has failed to do. Had the financing of the social component of public spending were to be financed by, say, deficit financing, the adverse business response could have been a little more moderate. Furthermore, it would be na?ve to take the share market response seriously: they are a set of hidden casinos, neither endowed with economic wisdom nor social empathy. The post-Budget assurance to big business regarding shedding of public sector equity surely promises them a gold mine of opportunities for low-cost acquisition of prime public assets. After all, the overall tax burden has come down from 11.2 per cent of the GDP to 10.9 per cent and the promise of GST would increase the share of indirect taxes to be paid by the aam adami, besides removing the rent of authority—collection-prone discretionary imposts on different sets of commodities. These are good news to business interests.

 

The above propositions have been brought out in sharp relief in the present exercise at the very outset in order to highlight the complex character of the recipes dished out in the Union Budget this year. A nuanced and realistic appraisal of its character is in order not simply for its intrinsic value but also for pointing out the space and forces that can be or rather need to be mobilised for making the icing and politically correct posturing with some limited real content a relatively more prominent, real and cutting-edge component of the socio-economic initiatives that appear on a first look to have gone a step ahead of the routine ones. It may well be so in order to give a demand stimulus in the present global slowdown syndrome. But even if it amounts to making virtue of a necessity, the objective factor is that it is there and its roll-back would indeed be a tough task in future.

 

One has to reckon with the fact that such socio-political and economic initiatives concerning the poor and rural areas seem to remain largely ad hoc add-ons and lack a comprehensive, coherent and ground reality-based appreciation of the constraints that have reduced the effectiveness of many such smaller but ongoing initiatives at least since the days of Garibi Hatao politics. Since demand constraints and the quality of economic growth have been given grossly inadequate attention so far in Indian development strategies, one can see in these programmes taken in their totality a token beginning to address the issue of the inexorable primacy of the domestic market expansion for providing secure and socially just foundations for the much-hyped but vague commitment to inclusive growth. Little wonder the much-talked-about problems at the implementation level remain a hardy ritual in the form of underlining the necessity of toning up the delivery mechanisms. What fails to be appreciated is that the discretionary, partial coverage-based top-down schemes are inherently a bureaucrat's delight and people's nightmare. Recognition of the need for the factors outlined above can possibly help prepare the ground for alternative policy thrusts, if not wholesale transition to some different and more pro-people agenda. The present Budget, insofar as it concedes the value of the NRE本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。