Here is the deal, says Finance Minister
The industry captains patted Finance Minister Pranab Mukherjee but the commoner barely connected with what Pranab had to offer by way of Union Budget 2009. The sparks of brilliance were missing as were reforms and new ideas. Both the Finance Minister and Railway Minister admitted that Budgets 2009 were a job done in hurry…and no matter what the pessimists say, the budget should keep the tempo of small recovery in the domestic market going.
If Pranab’s budget were to be compared to Chidambaram’s bold moves, there are no prizes for guessing who commands better following. Pranab is a Finance Minister with caution, and Chidambaram bets big on reforms and sweeping changes. So yes, compared to Budget 2008, this year’s budget was a lackluster affair. But there is no reason to believe that this is the ‘be all and end all’ of what Team Manmohan has to offer by way of economic stimulus.
Pranab surely didn’t produce a blockbuster...but as one of the media analysts puts it, FM’s budget was ‘a case of poor form rather than bad content.’ What it deals with is ‘immediate issues’ and what it promises is ‘a lot’ in the future.
