Budget 2018: The great balancing act by Jaitley on social and fiscal fronts

While presenting a Budget with a significant social impact, the FM did not allow any major slippage in the fiscal situation

Finance Minister Arun Jaitley may have blotted his copybook by conceding a slippage in his fiscal deficit target of 3.2% of gross domestic product (GDP) for 2017-18. 

After all, this is the first time in the last four years that Mr Jaitley failed to meet the fiscal deficit target and announced a revised deficit figure of 3.5% for the current year and a reduction of 20 basis points next year.  

He may have good reasons for failing to meet the target, thanks to the effects of the goods and services tax (GST), a shortfall in non-tax revenues and overspending