BUDGET 2009
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The Finance Minister has absent-mindedly put out an election year budget just months after the general election has been won. He has lost a wonderful opportunity to lay out a roadmap for reforms. With a clear mandate from the people that gave more freedom and less dependence on its coalition partners, the FM could have taken certain measures in the interest of the economy (such as a strict fiscal discipline) instead of tabling yet another populist budget.
The FM has quoted the political strategist Kautilya in his budget speech and strategically provided more resources to (the so-called pro-poor schemes) Sonia Gandhi's pet schemes NREGA and JNURM. But his reference in the budget to complement the decision of Indira Gandhi to nationalize banks in July 1969 would have irked the daughter in law.
K. V. RAO Assistant General Manager (Retired), State Bank of India, Bangalore.
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The Finance Minister has absent-mindedly put out an election year budget just months after the general election has been won. He has lost a wonderful opportunity to lay out a roadmap for reforms. With a clear mandate from the people that gave more freedom and less dependence on its coalition partners, the FM could have taken certain measures in the interest of the economy (such as a strict fiscal discipline) instead of tabling yet another populist budget.
The FM has quoted the political strategist Kautilya in his budget speech and strategically provided more resources to (the so-called pro-poor schemes) Sonia Gandhi's pet schemes NREGA and JNURM. But his reference in the budget to complement the decision of Indira Gandhi to nationalize banks in July 1969 would have irked the daughter in law.
K. V. RAO Assistant General Manager (Retired), State Bank of India, Bangalore.
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