Citizens have a bigger role (than they own up to) in influencing budget priorities. They must participate, advocate, organise and mobilise society to raise issues and build momentum. They unfortunately don’t, are despondent and look to others.
Civil society and the Press too must shoulder the responsibility and engage with key stakeholders to communicate with and question the government.
The Central government’s budget hogs the limelight. It attracts disproportionate attention, even obsession. State policies and budgets that trigger and catalyse economic activities and growth drivers are often ignored. Growth and its dynamics are bottom-up. The policies at the state level attract investment, ‘Ease of doing business’ drives consumption, creates infrastructure and impacts most other growth drivers.
In a less developed economy the government must prioritise social spending and invest in multipliers such as health, education and rural development. But equally, it must invest for the future, in hard assets and strategic infrastructure that promote growth. Roads, bridges, transit, water, power, rail network, etc. are the essential building blocks of the economy. They enable trade, power businesses. Poorer states, particularly in the north and east need holistic and radical reforms. At the same time they need to build capacity to match and march with other more developed states.
Lazy Policymaking: However, the trend is to focus on nonmerit subsidies and misdirected welfare spending. Such spending constitutes over three fourths of what some states ‘earn’. Misdirected and non-merit subsidies benefit only the endowed. It shows up as lopsided development.
هذه القصة مأخوذة من طبعة 20 May 2023 من Business World India.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة 20 May 2023 من Business World India.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Powerful, Peculiar Perquisites
MOST COMPANIES recognise that people are key to their success. Competition is all about the war for talent. Higher compensations can, in many cases, attract that brilliant leader or the tech genius, but a competitor may well offer even more. This race is financially draining and not really a great strategy.
Shaping The Future Of India's Infrastructure
RUPEN PATEL on the achievements of the engineering and construction major including the iconic projects rendered by it, nation building, focus on sustainable practices and much more
WHY DON'T WE SUE BRITAIN?
I WAS WORKING ON my next column for BW – on one of my favourite themes like ‘Sustainability’, ‘Inclusivity’, ‘India Shining’ etc.
LIFE AND TIMES OF A MEDIA TITAN
DD Purkayastha's autobiography captures his 42-year tryst with the ABP Group, delving into various aspects of his professional and personal experiences, as well as insights into the factors that have shaped his character and career trajectory
THE SONET STRIKES BACK
The sub-4-metre SUV segment in India has been a battlefield for automakers, each vying for supremacy with their unique propositions. With the launch of 2024 Kia Sonet, the South Korean automaker is sharpening its edges in this competitive market
SLEEK, SUBTLE, COMPACT AND EASY TO CARRY
The HP Omen Transcend 14 targets a niche market that is growing day by day. Statistically, never in history, was there a better time to launch a gaming laptop, says Deep Majumdar
Geopolitical Resilience for Indian Companies
It's in crisis that inventiveness is born, as well as discoveries made and great strategies arise. He who overcomes crisis, overcomes himself, without getting overcome. - Albert Einstein
The Sourav Ganguly Era
Lessons in Leadership from Indian Cricket - 2
Leadership Challenges Were Not This Long, Before
LEADING IN TODAY’S dynamic environment presents unprecedented challenges. The list of challenges is never-ending. They include navigating complex decisions, staying resilient, inspiring teams, staying innovative, and continually adapting to the constantly changing ecosystem.
The Supreme Court Emerges as a Net Zero Polestar
'Dharma exists for the welfare of all beings. Hence, that by which the welfare of all living beings is sustained, that for sure is dharma,' - Mahabharata (Shanti Parva 109.10)