Betting on the public sector

History will judge this Budget based on whether the Centre's big bet on a public sector borrowing-driven growth revival works out

The weeks that have passed since the Union Budget have led to an interesting shift in political discourse about the economy. The government is now being portrayed as bravely reformist. To what extent should this rhetorical adjustment give us hope for a new era of reforms? 

The first and important point to note is that there is much in the fine print of the Budget that is, indeed, worth celebrating and a step forward. The promise of a roadmap for privatisation of non-“essential” public sector units is, in spite of the serial disinvestment failures of the past years, a major