26 September, 2020

Modinomics On A Roll

The PM is all set to turn the budget into a mere accounting statement, starting 2017

Experiments With Power
The ­defining ­feature of Modinomics is experimentation
Photogaph by Jitender Gupta
Modinomics On A Roll
outlookindia.com
2016-12-02T18:43:59+05:30

Critics haven’t stopped taking potshots at the Modi government over the crash demonetisation of Rs 500 and Rs 1,000 notes amounting to a total of Rs 14 lakh crore. Those who support it as a bold move are fretting too. It’s been untidy: queues outside banks, cancelled weddings, and cash-strapped small traders, farmers and daily-wage earners. But here’s the rub: Prime Minister Narendra Modi will halt at nothing to completely reorganise Asia’s third-largest economy. There’s a lot more structural reforms lined up; expect the full spectrum to take effect by early next year.   

To begin with, the Modi government has advanced the Union Budget 2017-18 by a month to February 1—a precursor to a more fundamental change being mulled: merging of the country’s April-to-March fiscal year with the calendar year. Officials say one advantage of a merged calendar is to make the budget monsoon-proof. A winter budget that comes after the monsoon months makes sense as weather shocks, which usually mean unexpected government spending due to...

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