In the course of his budget speech, Finance Minister Pranab Mukherjee rather
deferentially, and not without a touch of pride, referred to bank
nationalisation by Indira Gandhi - forty years back on July 14.
In the context of his assertion that the banking and insurance industries
would continue to remain under government control and the claim that the
40-year old decision is the key to the current stability of Indian financial
sector in the midst global tempest and meltdown.
He, however, made no attempt whatever to compare his current budget with
that historic move.
Obviously there is none of that flamboyance, the boisterous mobilisations on
the streets, and the huge political impact.
In a way, still this budget could be compared with that in terms of its
professed focus on the proverbial "Aam Aadmi" - the mascot in the electoral
campaign of the Congress Party.
This one has clearly made a striking break with the traditions set since
1991.
The focal mantra of neoliberal budget making - "fiscal responsiblity" - has
been given a rather discourteous short shrift.
No "big ticket reforms" either.
Massive expansion in fiscal allocations in infrastructure and rural
developments, and social security schemes.
The BSE sensex nosedived by some 870 points.
Never mind, the political dividend cannot but be positive.
The ("reformist") path charted out by the Economic Survey preceding the
actual budget has just gone out of the window.
The Presidential address to the Joint Session of the Parliament on June 4
last has acted as the bedrock.
That's quite a bit beyond expectations.
Of course ossified minds would turn still more ossified and withdraw into
denial mode.
But that's not how the struggles in the coming days can be conducted with
any degree of credibility and effectiveness.
Sukla
For detailed highlights: http://indiabudget.nic.in/ub2009-10/bh/bh1.pdf
Also see: http://indiabudget.nic.in/ub2009-10/bs/speecha.htm
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