Jugglery of figures, tax increases around the year and pronouncements of welfare schemes not backed by budgetary allocation or simply recycling old ones have robbed the Budget presentation of the seriousness associated with it. Despite all these shortcomings, one can discern the state of economy and the direction proposed by the Union Govt. from the Budget presented by Finance Minister Mr. Arun Jaitley on February 1, 2018. This is the last full Budget presented by the present RSS-BJP Govt. and hence, it was expected to be its last economic policy statement to the people of the country.
Indian economy is in deep crisis as shown by the Union Budget and Economic Survey. Economic growth, despite all attempts at dressing up, is slowing down. Moreover, the export led growth model which has been pursued by successive govts. is itself in deep crisis. American and European markets which this model targeted hold no promise with rise of protectionism in these countries with globalization, which was being promoted by imperialist powers led by USA, being undermined in these very countries. Indian ruling classes have to address this reality and have to rescue the new economic policies from this setback. Despite this scenario there is no let up in concessions to foreign and domestic corporate and this Budget has further dose of privatization and liberalization.… Read More