Union Budget 2017-18 – Compulsions of the situation

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Macroeconomic factors look under control, but may hide a slow growing economy underneath.


Union Budget 2017-18 – Compulsions of the situation


The objective of the Union budget should be that it should be meaningful for the people and responsible in its approach. The allocations made to different sectors in the 2017 budget seem to be in accordance with the requirements of the economy in the present condition. The FM has shown adequate awareness about the government interventions required for the economy. The FM has taken credit for the low BoP deficit and inflation, but the same is a sign of a slowing growth of the economy. Demonetisation has been defended in the budget but there is no reference to the economic uncertainty caused by it. Also the claims about the long-term gains have not been substantiated. The macroeconomic credentials of the budget are quite impressive with a greater thrust on capital spending and a greater devolution to the states.  The budget needs to be expanded when the economy slows down and contracted when it speeds up. That is exactly what this budget has tried to do. However, efforts should have been made to contain revenue deficit. This, in effect, indicates that we are borrowing to consume. Some may argue that the higher allocations for agriculture mean that the govt. has seemingly given up on its most ambitious ‘Make in India’ scheme. Some others may see it as an eye of the govt. (BJP for that matter) on the coming assembly polls. You can refer to Bodhi resources page for downloading the PDFs of Economic Survey and Union Budget. 

केंद्रीय बजट 2017-2018 - स्थिति की मजबूरियां


बजट का उद्देश्य यह होना चाहिए की यह जनता के लिए अर्थपूर्ण हो और अपने दृष्टिकोण में जिम्मेदार होना चाहिए। बजट 2017 में विभिन्न क्षेत्रों को किये गए आवंटन वर्तमान स्थिति में अर्थव्यवस्था की आवश्यकताओं से सुसंगत प्रतीत होते हैं। वित्तमंत्री ने अर्थव्यवस्था के लिए आवश्यक सरकारी हस्तक्षेपों के विषय में काफी जागरूकता दिखाई है। वित्त मंत्री ने न्यून भुगतान संतुलन घाटे और मुद्रास्फीति का काफी श्रेय लिया है, परंतु यह अर्थव्यवस्था की धीमी वृद्धि के संकेत हैं। बजट में विमुद्रीकरण का बचाव किया गया है परंतु उसी समय बजट में इससे निर्मित अनिश्चितता का कोई उल्लेख नहीं किया गया है। साथ ही दीर्घकालीन लाभों के दावों की पुष्टि नहीं की गई है। बजट के स्थूल आर्थिक प्रत्यय-पत्र काफी प्रभावशाली हैं जहाँ पूंजीगत व्यय और राज्यों को अधिक हस्तांतरण पर काफी जोर दिया गया है। जब आर्थिक वृद्धि धीमी होती है तब बजट का विस्तार करना चाहिए और जब वृद्धि की गति तेज हो तो इसे संकुचित किया जाना चाहिए। इस बजट में ठीक यही प्रयास किया गया प्रतीत होता है। हालाँकि राजस्व घाटे को नियंत्रित करने की दृष्टि से अधिक प्रयास किये जाने आवश्यक थे। इसका अर्थ यह है की हम उपभोग के लिए उधार ले रहे हैं। कृषि क्षेत्र को अधिक आवंटन का कुछ लोग यह अर्थ लगा सकते हैं कि सरकार अपनी सबसे महत्वाकांक्षी ‘मेक इन इंडिया’ योजना के विषय में अधिक आशावान प्रतीत नहीं होती, वहीं कुछ लोग यह भी कह सकते हैं कि सरकार (वास्तव में भाजपा) ने ऐसा आगामी विधानसभाओं पर नजर रखकर किया है। कृपया आर्थिक समीक्षा एवं केंद्रीय बजट के पीडीएफ दस्तावेज हेतु बोधि संसाधन पृष्ठ पर जायें।

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Bodhi Saar: Union Budget 2017-18 – Compulsions of the situation
Union Budget 2017-18 – Compulsions of the situation
Macroeconomic factors look under control, but may hide a slow growing economy underneath.
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