Budget and the building blocks of growth

The government has been quick to respond to the slowdown

The Union Budget is being presented at a time when the economy is not doing as well as in the recent past. Gross domestic product (GDP) growth is estimated at 5 per cent during this fiscal, which is the slowest in a decade. Besides, private investment remains muted, consumption demand is falling and there is limited fiscal space to stimulate the economy. Under these circumstances, there are hopes that the finance minister would unravel a reformist Budget, which would deploy varied policy levers for resuscitating growth while adhering to the precepts of fiscal prudence. 

The government has been quick to