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Given the surfeit of money incomes and wealth in the hands of the rich, tax concessions and easy money have already been attempted to revive their demand for the goodies. Officially so much is openly admitted as well. Hence the need to push up total domestic spending and revive the confidence of the domestic as well as foreign investors in the great Indian growth saga formed a major part of the logic underlying the Budget this year. The pity is that the absolute sum of seven digit public spending for the first time so mesmerised the policy-makers that the fact of it being just about 20 per cent share in GDP and the need and feasibility of a higher level were not factored in so as to go in for an even bolder spending thrust, something that would have killed so many birds with one stone.

To understand this one has to fall back on the compulsions arising from riding two boats at the same time: the growth engine led by the large private capital must not be disturbed (read the quotation from Chanakya carefully) and at the same time the social spending too should propagate a clear political message that inclusive growth also remains on the agenda. Of course, the trillion rupee question regarding the actual relative priorities would be kept shrouded in mystery alongside a plethora of verbiage depending on the audience.

As a part of the process of keeping the market in good humour (its strictly narrow connotation as organised big capital need not be spelt out), the task is cut out: do whatever is necessary to maintain the bottom-line of the exporters, corporate entities and the big stock market players (as the reserves of forex so built up are necessary for financing big import binge) a lot of whose paper wealth has lately evaporated into thin air. It is clear that except public spending, especially putting some money in the hands of the poor, hardly any other means can create the illusion that by protecting the profits after tax the fiscal mechanism is indeed helping to protect the workers' livelihood as well.

Of course, one does not mention inflation and the way it continues to erode the meagre and uncertain money incomes of the common people who do not have the benefit of any indexation as they do not have any regular income that can be indexed and protected against inflation. The official understanding is that inflation is no longer a matter of concern. The Budget shows little concern about it. Obviously it is not to the policy-makers who fix their macroeconomic balance on the basis of a particular reading of a particularly designed wholesale price index. Of course, the consumer prices are eroding the purchasing power of the rupee but what matters according to the globalisation-marketisation logic are the world prices for rational decision-making! A serious omission in the Budget is the issue of non-episodic steadily ongoing inflation. It makes even the real component of the public spending programmes uncertain and pushes up the cost of public projects and thus slows down implementation.

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