Micromanaging the Economy
Imagine for a moment a train from your town to Kochi and ending up in distant Ahmedabad. Successive Union Budgets have been doing precisely that; probably far worse. Government misses Revenue targets by a mile and exceeds its expenditure by another.
The net result? The Fiscal Deficit – the indicator of the net borrowing by the Government to fund its expenditure – exceeds the budget target. But who cares? Definitely not the mandarins in Finance Ministry.
Fiscal Consolidation has been a narrative in successive Budgets. “In a globalised world with its share of uncertainties and rapid changes, this year brought us some opportunities and many challenges as we moved ahead with steady steps on the chosen path of fiscal consolidation and high economic growth.”