Deputy Commissioner of the Planning Commision, defending the Union Budget said that investors should not judge the Budget by what was said in the speech as the high fiscal deficit this year was justified. He said that it is impossible for the government to cut tax and reduce deficit at same time.
It clearly said that we are going for growth, getting back to a high growth path is our top priority, that we are in favour of inclusive growth. It’s the private investment that is going to drive the growth process. It said things like we need to do a lot in social sectors and infrastructure and I think it laid out, in my view, a macro economic framework which makes a difficult balancing act between trying to give stimulus on one hand and maintaining a reasonable fiscal deficit.
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