<b>Rathin Roy:</b> Prudent in practice, extravagant in rhetoric

Govt is aware that nominal growth is going to be much lower than projected

The government of India has an appalling track record in keeping its promises on fiscal prudence.  Hence, this is what I focus on first when the Budget is announced. Last year, I was delighted as the government maintained its commitment to stick to the announced fiscal consolidation path. This year, I was pessimistic since there were cries for “expansionary” and “counter-cyclical” fiscal expansion from many quarters. The finance minister did not delight me this year but did not depress me either. He has secured the fiscal deficit/GDP target for FY16 and has slipped to 3.2 per cent in FY17 which