A remarkable feature of the first budget of
the Modi government was that the numbers in it (Table 1 for a summary) – of the
revenues that are anticipated from different source, the expenditures allocated
to different heads and the fiscal deficit which expresses the gap between the
aggregates of these - were almost identical to those in the interim budget
presented earlier in the year by the UPA government.
The verdict of the 2014 general elections marks an unprecedented rightward shift in public opinion in post-Independence India. It was an emphatic victory for the rightwing forces together with a decisive mandate for one party rule.
There is no doubt that the newly elected government will favour deregulating the price of diesel as well as other petroleum products in lieu of subsidies or grants to the oil sector. At least on this issue both governments (NDA as well as UPA) are of the same view, despite the fact that under-recovery on diesel touched record low at Rs 2.80 per litre on 2nd of June ’14 .(www.pib.nic.in).
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A remarkable feature of the first budget of
the Modi government was that the numbers in it (Table 1 for a summary) – of the
revenues that are anticipated from different source, the expenditures allocated
to different heads and the fiscal deficit which expresses the gap between the
aggregates of these - were almost identical to those in the interim budget
presented earlier in the year by the UPA government.
