Rhetoric over realities

Union Budget

- Santosh Kumar Mohapatra

Union Finance Minister Nirmala Sitharaman has made history by presenting her ninth consecutive Union Budget, drawing close to the record of ten Budgets presented by former Prime Minister Morarji Desai over different periods.

While presenting the Budget, the Finance Minister outlined a threefold strategy inspired by “tri-kartavya”: accelerating and sustaining economic growth; fulfilling people’s aspirations by enhancing their capacities; and aligning policies with the vision of “Sabka Saath, Sabka Vikas.” She proposed interventions in six broad areas—scaling up manufacturing in seven strategic sectors, rejuvenating legacy industries, creating champion MSMEs, pushing infrastructure development, ensuring long-term economic security and stability, and developing city-centric economic regions.

However, a closer examination of budgetary priorities reveals a stark contrast between proclamations and outcomes. While the Finance Minister claims that the Budget reflects “reforms over rhetoric,” it increasingly appears to be rhetoric over realities. The economy today is beset with multiple structural challenges: rising household debt, widening inequality, subdued corporate investment, deceleration in agricultural growth, and massive unemployment. Yet, these fundamental issues remain largely unaddressed.