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Budget 2024: On the escape route

Author

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  • Ashima Goyal

    (Indira Gandhi Institute of Development Research)

Abstract

Continuity was necessary for the budget, since current policy has delivered macroeconomic stability with growth, but as the first budget of a new government it was also expected to reveal policy directions required to fulfil its development agenda. The budget ably does both. There is continuity through retention of elements that have done well in the past, as well as identification of and work on the key constraints that can hold back Indian growth. It resists pressures to shift to short-term populism and retains a long-term view. Tax changes are also towards simplicity, closing loopholes and progressive but retrospective effects could be moderated. Since of the shorter time available this year and some shortfalls last year, implementation should be fast tracked.

Suggested Citation

  • Ashima Goyal, 2024. "Budget 2024: On the escape route," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2024-020, Indira Gandhi Institute of Development Research, Mumbai, India.
    • Handle: RePEc:ind:igiwpp:2024-020
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    File URL: http://www.igidr.ac.in/pdf/publication/WP-2024-020.pdf
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    More about this item

    Keywords

    Continuity; stability; development; populism; long-term view;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H2 - Public Economics - - Taxation, Subsidies, and Revenue
    • D73 - Microeconomics - - Analysis of Collective Decision-Making - - - Bureaucracy; Administrative Processes in Public Organizations; Corruption
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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