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Budget 2023: Indian economy needs a time-out for meditation

For an economy sometimes it is essential to consolidate and bring stability rather than always pursuing higher growth

January 25, 2023 / 11:54 AM IST
Budget 2023: Indian economy needs a time-out for meditation

The real economy faces adverse impact from weak domestic and external demand. Weak external demand would also put pressure on growth of the manufacturing sector in FY24.

The euphoria around economic growth starts ahead of the Union Budget. But how does one propel growth? One answer is presented by the union budget, which can deliver growth by targeted spending or by tweaking taxes, that is redistribution of income in a nutshell. The net result of such arithmetic is attaining fiscal balance, which is the key binding constraint. Let us understand the current fiscal arithmetic. Gross tax collections for FY23 are expected to grow by 14.7 percent YoY...

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