• Finance Minister Pranab Mukherjee claims to push an agenda of achievable reforms, notably the UPA’s social security schemes. Undoubtedly reforms towards employment, infrastructure and housing will help the agricultural community and may improve the economic scene. However, how does the FM plan to meet the fiscal deficit? Further, Mukherjee hasn’t provided any clear signal to encourage private corporate investment. As it stands, even the salaried middle class feels disappointed, despite the tax pronouncements. Given the bureaucratic red-tape, widespread corruption and lack of political will, only time will tell how the goodies reach the aam aadmi.

— Ved Guliani

Hisar

Budgeting for all

• Pranab Mukherjee has presented a well-balanced Union Budget, given the ongoing economic crisis. Despite the market responses on Monday, an assessment shouldn’t be based on that alone. Markets move fast and nto necessarily rationally. The salaried middle classes stand to gain because of the lowered tax levels. Of course, the aam aadmi will be much happier. The FM has also announced his commitment to the food security law and education loans for the poor, to say nothing of the NREGS. Less noticed, however, is the comfort the Budget will provide the rich.

— Bidyut K. Chatterjee

Faridabad

Falling short

• Against the backdrop of the recession one would have expected the FM to devise policy to increase economic growth rate and employment and reduce poverty. The FM seems to have played it too safe, keeping both MPs and voters in mind. While the fiscal deficit is the most worrisome aspect of the Budget, areas of concern as a whole are the revenue receipt, tax receipts and the share of non-plan expenditure. Sound public finance policy expects the government to earn more on revenue to finance the increasing capital expenditure. The above-mentioned are only a few indicators that the Budget may not achieve its objectives.

... contd.