NO : WP-2024-020
AUTHOR : Ashima Goyal
TITLE : Budget 2024: On the escape route
ABSTRACT :
Continuity was necessary for the budget, since current policy has delivered macroeconomic stability with growth, but as the first budget of a new government it was also expected to reveal policy directions required to fulfil its development agenda. The budget ably does both. There is continuity through retention of elements that have done well in the past, as well as identification of and work on the key constraints that can hold back Indian growth. It resists pressures to shift to short-term populism and retains a long-term view. Tax changes are also towards simplicity, closing loopholes and progressive but retrospective effects could be moderated. Since of the shorter time available this year and some shortfalls last year, implementation should be fast tracked.
Keywords: Continuity; stability; development; populism; long-term view
JEL Code: E62, H2, D73, O11
Weblink: http://www.igidr.ac.in/pdf/publication/WP-2024-020.pdf
