24 October, 2020

Murphy Rules

Economic slowdown, feeble policies, low investor confidence, everything's going wrong in the FM

Murphy Rules
outlookindia.com
-0001-11-30T00:00:00+05:53

If something can go wrong, it will. —Murphy's law

Murphy was an optimist. —O'Reilly's observation

IF there's any one place in the government where Murphy's Law would be perfectly applicable, it's the finance ministry. Thanks to a worsening economic slowdown, lack of adequate policies, and diminishing confidence of external and domestic investors, everything seems to be going horribly wrong in the department which monitors the purse of the economy.

It's the usual problem: even as the government spends more, earning is less. So, borrowings rise. Especially on the revenue front, there seems to be a significant slip. Consider the figures:

  •  As far as indirect taxes are concerned, customs duties are expected to lag by Rs 4,000 crore behind the original Budget target of Rs 48,148 crore. While rupee depreciation made major imports expensive and low industrial demand discouraged importers, the exchequer also lost a good deal from lower realisations from oil imports. Oil prices are ruling at...
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