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The Union Budget is a financial plan outlaying the revenue and expenditure for the nation for the upcoming financial year, presented by the finance minister on behalf of the government. Of course, you knew that. In an annual ritual in a nation where everyone becomes an expert on economics for a few days every year, it would be safe to assume that everyone knew this. Going by the reactions, across political parties, across industry bodies, across trade lobbies, across individuals, across various years – that, however, does not seem obvious. It would appear that one expects the budget to be an exercise where Santa Claus visits us every year with a goody bag delivering whatever we wished for in our dreams or articulated aloud. This piece is not about rating the budget on a scale of 1 to 10 or offering bouquets or throwing brickbats. This is an optimistic layman’s plea to the powers that be to seize the moment since neither praise nor blame of the budget leads to productivity enhancement – seizing opportunities does.
Hailing from a beautiful state in the south western part of our nation, known popularly as God’s Own Country, let me attempt to use my microcosm to take the point forward. Predictably, there was widespread criticism of the budget by both -the ruling Left Democratic Front and the United Democratic Front in opposition. There was consternation at Kerala not being mentioned in the budget speech and anger at many references being made to a particular state or more specifically ‘b’ particular state, this time.
As a layman, I dived into the document to check if there were any opportunities at all for enhancing the state of affairs and this is what I found relevant to my home state:
- Measures to enhance global competitiveness of the fisheries sector.
- Heal in India initiative to enhance medical tourism
- Incentives to promote ship building and ancillary industries
- 50 tourist destinations that will be selected through challenge mode to be developed as tourism hubs
- National framework as guidance to states for promoting Global Capability Centers in emerging Tier 2 cities
- Additional seats in medical colleges
- Enhance regional connectivity to 120 new destinations
- Increased allocation for promotion of rooftop solar installations and renewable energy
- Nuclear energy mission for research and development of Small Modular Reactors
- Centers of Excellence for Artificial Intelligence
I’m sure that there could be many more such opportunities that expert eyes would discern from the budget document that are aligned to the strengths of my state. This being the case of one state, I am sure that every state would be able to draw up their go to lists as well. As you would have noticed, I have steered clear of the headline grabbing statements pertaining to force multiplier initiatives like benefits of tax initiatives which will spur consumption in a consumerist state or the benefits that would accrue to MSMEs or the impact of PM Dhan Dhaanya Krishi Yojana – since I am not an economist and do not consider myself competent to project the impact of such measures.
It is the job of the ruling party and their allies to praise the budget and use all adjectives in their vocabulary to glorify the document. Equally, it is the job of all opposition parties to critique the budget, pointing out inadequacies or misplaced priorities. In a democracy, both are par for the course. Once the dust settles, hopefully without much delay, it is super critical that state governments pick up the pieces and function with a bias for action. How quickly state governments, specifically those ruled by parties in opposition at the center, swing from anger and denial mode by skilfully navigating the analysis paralysis phase to the other end of the spectrum which is efficient execution mode will determine the impact this annual exercise has on citizens.
Or is that a layman’s pipe dream?
These pieces are being published as they have been received – they have not been edited/fact-checked by ThePrint