Thought for the day
"Man has, as it were, become a kind of prosthetic God. When
he puts on all his auxiliary organs, he is truly magnificent; but those organs
have not grown on him and they still give him much trouble at times."
-
Sigmund Freud (Austrian, 1856-1939)
Word for the day
Demassify (v)
To break (something standardized or homogeneous) into
elements that appeal to individual tastes or special interests
(Source: Dictionary.com)
Teaser for the day
How does "Where is Rahul" debate reflects on
India's security and intelligence apparatus?
Leaking roof and broken umbrella
Aur bhi gham hain zamaane mein mohabbat ke sivaa
Raahatein aur bhi hain vasl ki raahat ke sivaa - Sir Faiz Ahmed Faiz
Raahatein aur bhi hain vasl ki raahat ke sivaa - Sir Faiz Ahmed Faiz
(There are other sufferings too in this worlds besides the
agony of love,
There are other joys too, besides the joy of union)
There are other joys too, besides the joy of union)
In recent months a whole lot of commentators have
(over)emphasized on the extent of fiscal deficit India can or should or cannot
or should not afford. I do not think I can add anything useful to the arguments
in favor or against the need for expansion of fiscal deficit to support the
efforts for revival of investment cycle in the country.
My point is that the government's fiscal policy needs to be in
harmony with the popular mandate it has received.
I strongly believe that the mandate of this government is
unmistakably for pragmatism, development, inclusivity, nationalism and good
governance. This government does not enjoy the luxury of hiding behind the
shields like limitation of coalition, party ideology and conventional political
paradigms. People have afforded BJP complete freedom to deliver on the promised
change and are entitled to expect an express delivery from the government.
Accordingly, I feel the budgeted estimate of ratio of fiscal
deficit to the GDP should actually not figure very high in the priority list of
the government. In my view there are a multitude of deficit that needs to be
bridged on a higher priority.
In particular the following deficits (not necessarily in the
given order) need to be assigned priority over the budgeted fiscal deficit:
1. Capital
deficit
2. Demand
deficit
3. Skill
deficit
4. Employment
opportunity deficit
5. Trust
deficit
6. Social
infrastructure deficit
7. Physical
infrastructure deficit (
8. Productivity
deficit
9. Compliance
deficit
10. Corporate
governance deficit
Fiscal prudence is good. But that discussion could wait for a sunny
day. In overcast conditions, as forecasted for this Saturday, we need to bother
more about leaking roof and broken umbrella.
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