Saturday, February 27, 2010
Indian Budget 2010-11: Strapped And Shackled By The Past
The Finance Minister Pranab Mukherjee is no imposter like his precedessor. But he, without soft options today, shackled by the recent past of Finance Ministry stewardship, has proposed a Budget 2010-11 which has failed to address the core issues of reducing public debt, curb the dangerously high fiscal deficit[ even the claimed target for 2010-11 of 5.5 per cent is too high, and will represent a huge diversion of funds with public sector banks away from private sector investment], and introduce innovation into the ailing industries such as Textiles, Food Processing, Power Generation and Distribution. Hence, despite his heroic effort to put together a promising Budget, he has at best produced a damp squib for financial reforms..