Budget Imperatives

The current economic landscape in India presents both opportunities and challenges, requiring a delicate balance between growth-oriented policies and inclusive development. A comprehensive approach to economic governance could involve reassessing tax structures, promoting innovation across sectors, and strengthening regional economic cooperation both at home and abroad. Additionally, our policymakers must remain vigilant about global economic trends

- GOURI SANKAR NAG, ARPAN BHATTACHARYA

In India, January every year ushers in a euphoric moment for professionals and businessmen alike due to the old debate built around the general budget with a largely reductionist approach focused mainly on the income tax ceiling. The purpose here, however, is to broaden our understanding of the dynamics of India's evolving political economy, and its current trend and direction, because a vibrant democracy without creative efforts to reset economic governance is inconceivable.

It is a daunting challenge before the nation because without innovative reforms not only will our growth curve plateau but also the equity aspect, even within an overall neoliberal competitive scenario, will be scuttled. At the same time, we need to be cautious that now the new anxiety of HMPV virus might engulf the Chinese economy. Moreover, the situation in Bangladesh might challenge expected performance of sub-regional groupings like BBIN, BIMSTEC, apart from India's Look East policy. As a result, efforts to woo foreign investment may not be as successful at the moment.

The current economic landscape in India presents both opportunities and challenges, requiring a delicate balance between growth-oriented policies and inclusive development. A comprehensive approach to economic governance could involve reassessing tax structures, promoting innovation across sectors, and strengthening regional economic cooperation both at home and abroad. Additionally, our policymakers must remain vigilant about global economic trends, now inseparable from health and geopolitical concerns that could potentially impact India's economic trajectory and foreign investment prospects.