All other macro indices are at multi-year lows. With the PM himself involved in the budget formation, this will be one of the most eagerly watched budgets
Mumbai: The Indian economy has been in a consistent slowdown mode since the past 27 quarters. It is budget time again. The last budget that we had in July 2019 was a damp squib and was wasted opportunity to revive a slowing economy. All the subsequent flipflops and the desperate survival measures initiated thereafter by the government yielded little result. At a GDP growth rate of 5%, we are at an 11 year low and at an investment growth rate of 1%, we are at 17 years low. All other macro indices are at multi-year lows. With the PM himself involved in the budget formation, this will be one of the most eagerly watched budgets. But let’s be clear, there is no magic formula available to revive a sagging economy. That’s because the crisis is not just one of depleting numbers, but is more of receding trust in the government, the restoration of which is the biggest issue today. So what are the challenges that the FM faces in presenting the budget?
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