Amitabh Dubey

Political Analyst, India Research
+91 99999 10781

Shumita Sharma Deveshwar

Director, India Research
+91 98718 22780

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The politics of India’s budget gamble

Overview

Finance Minister Pranab Mukherjee’s FY13 budget faces a credibility problem: its watered-down deficit target of 5.1 per cent of GDP looks ambitious in a setting of US$115-125/bbl oil and the absence of a political consensus to raise fuel and fertilizer prices. The 22 March reversal of a proposed rail fare hike in response to political pressure is the latest of several policy reversals that bode ill for fiscal consolidation. A lower deficit is necessary to douse structural...

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