Key Points
Policy continuity serves as the bedrock for sustainable economic growth, a notion famously underscored by Milton Friedman when he said, 'Only a crisis - actual or perceived - produces real change..
This aphorism highlights the value of consistent, well-grounded policy frameworks that can weather the storms of economic upheavals..
Reflecting on Thursday's interim budget, it's clear that the Modi government is heeding Friedman's counsel by maintaining a steadfast course on empowerment over entitlement, sustainable development and prudent fiscal management...
The interim budget sticks to this template of welfarism, with specific focus on the poor, women, youth and farmers. Add to that the continuing focus on sustainable development (rooftop solarisation was announced a few days ago) and capex (railway corridors, airports, metro rail)...
While some may have hoped for a sprinkle of fiscal fairy dust of freebies, this budget is more like a steadfast sherpa, guiding the economy through the thin air of financial challenges with a steady hand and clear vision...
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