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obalisation, corporatisation and financialisation agenda with the relatively more tangible and visible efforts to take the poor masses partly and irregularly on board. This is being done not by putting an end to the essentially exclusionary character and thrusts of growth as the first and foremost concern both as an end in itself and also as the primary means to maintain social balance and harmony without infringing on the tolerance limits of the dominant system. It partially (pun intended) attempts, as the Budget proposals and the promises to do wonderful things in the next five to ten years show, to blunt the excessively troublesome and atrociously visible and hurtful effects of large scale and endemic exclusion. But the process of incorporating the informals even within the formal sector has been going on even outside the state sector. The state actions too would go to facilitate the process as higher education expansion gets a boost in the Budget and some partial, discretionary and not easily accessible social security and assistance measures have been initiated. The point is that such measures and their high-voltage propaganda for reaping electoral dividend have their own logic of making ever growing and really effective efforts in these making virtue-of-a-necessity kind of approaches.

 

True, almost three times higher government borrowing would impinge on the corporate susceptibilities and some noise against these measures in the name of sacrosanct fiscal prudence is already quite loud. Thus public spending comes up as an option, but hang on, if it goes too far it would amount to stepping on the toes of the corporates, elbowing them out both from investment opportunities and state-supported and facilitated access to social, financial and real resources, and the state would have to face a conflict of a critical nature. The corporate sector with about eight lakh companies and with only half of them filing corporate tax returns, despite its massive and disproportionately large control over the resources and output in the Indian economy, is a net deficit sector in matters of financing its investments by internal resources. Hence only a limited expansion of public spending, certainly avoiding productive capital formation in order not to shrink the space available potentially to the private corporates but concentrate mostly on current outlays seems to be able to reconcile two conflicting pulls.

 

This seems to have provided the budgeting process an excellent opportunity to reconcile the political and economic compulsions. Hence the role of social spending, mostly in the name of the poor and the rural areas for a variety of income transfer and generation purposes, for extending certain critical services, assistance and security, infrastructure facilities and so on, with some visible measures for the urban slum dwellers, necessarily projecting strong rural-urban linkages and continuum and the large absolute size of such people living in miserable conditions but sustaining the formal economy as well (the formal sector creates mostly informal work opportunities in India). This can be paraded as the contribution towards inclusiveness of development. That 'growth in order to be sustained must be shared' seems to have been interpreted as giving the crumbs t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。