Why FM failed to hit sixes on 20:20 budget pitch?

In democracy, the people leave the responsibility to the government to take the country forward, so it becomes our RIGHT to analyze their efforts thoroughly for good or bad reasons. However, there are some dimensions, ways to analyze and to arrive at a judgment/conclusion without the right understanding, knowledge, facts, figures and purpose, can be misleading.

Even many of the media experts and knowledgeable journalists are also mocking the record breaking speech of Finance Minister Nirmala Sitharaman by bringing it at the center of nation’s focus. They are also raising concerns about LIC disinvestment and terming government not making any big path breaking bold announcements, as a big failure.  If that’s the case then what can be expected from the illiterate and less educated masses in the country?  They will consider it true or untrue based on what they hear and read. Therefore, it’s important not to deviate and distract the attention of the country from serious issues concerning the budget proposals and other challenging issues.

I think the longest budget speech ever given by the Finance Minister is an affirmation of how complex the country's economic landscape is and shows how difficult it is to solve all the problems in one or each budget. The Finance Minister has boldly tried to meet the burning challenges and her speech is only a summary of the aspirations of 130 crore people; irrespective of whether or not, the opposition or a particular group or person feels good or bad about it. The long list of different topics covered by her in the budget speech shows the high expectations of citizens from the central government, which was elected with higher number of  seats and bigger expectations.

I believe the FM has made a bold attempt to touch all aspects affecting the economy, be it efforts to improve the economic condition of the farmers, care for the common man, tax payers, consumers, simplification of the Income Tax Act, education, MSMEs, infra, rail, road, ports, airports, she has tried to provide necessary impetus to one and all.  However, we very well know the impact of new steps taken in the budget will be visible in the long term. The GDP growth will hopefully start rising from here and by the time during next year (2021) budget you will see people talk about surpassing 8-10% growth rate.

Therefore, I believe that not only in India, but also globally, given the challenging conditions of many big economies, and the limited elbow room the Modi Government has currently, the FM has not rightly made any bold announcement or fiscal stimulus package while presenting this budget. It shows good economic prudence and intent  of the government.  This at least, does not do any harm. It seems appropriate in these difficult times.

If the income is only a rupee, then it makes more sense not to spend more than 99.9 paise. This is what FM tried to do, which is a good step. While taking care of everyone, the she has tried to provide strong balance to the staggering economy with this budget. Once a proper balance is established, the economy can be accelerated by big and bold reforms. The corporate, stock markets, including people in general must understand that like in a test cricket match every ball cannot be hit for a six like in 20:20 format. Budget is not a 20:20 game and as per circumstance and available options, the target can be achieved by taking less risks, by even taking single runs and keeping the strike rotating. Similar tactics has been applied by FM in this budget!

Views contributed by Aryan Prem Rana, Founder and Chief Mentor, AARYANA MATASCO

For Hindi translation read here
https://matascoinfotea.blogspot.com/2020/02/blog-post_2.html