Budget Not A Big-Bang Spending Program. India's Faltering Economy Needs Sensible Policy Choices

Union Finance Minister Nirmala Sitharaman and officials during the 'Halwa' ceremony to mark the final stage of Union Budget 2023-24, in New Delhi, Thursday, Jan. 26, 2023.

Source : PTI

The annual ritual of budget presentation is upon us. But it won’t make a significant difference to India’s long-term growth prospects. It can, however, make a visible difference to the well-being of citizens in the short term, provided the government makes sensible policy choices. The likeliest scenario, sadly, is for the government to hail the budget as a masterstroke that showcases Prime Minister Narendra Modi’s "visionary leadership" to make India a $5 or $10 trillion