Relax folks. Arun Jaitley’s Budget (it’s best described as a seven- month itch), is not transformational. Nor is it radical. Thank God! It is… it is “theek thaak” and reflects a level of sobriety and sober thinking that euphoric India can do with right now. While the BJP supporters may have been expecting an aggressively growth-driven Budget, what Mr Jaitley presented over two tedious hours (with a much-needed five- minute back ache break), was a practical Budget, aimed at reassuring the middle class.
That it did not impress Congresswallas and other politicians (who claim to represent the poor, and do so with a straight face on television debates!) is to be expected. That the market reacted the way it did, was also expected. But come on, everybody, Mr Jaitley had a dirty job to do, and he did it better than most people would have in his position. Mercifully, he kept his presentation free of poetic references, as some of his predecessors were fond of doing, and got down to prosaic business straightaway. Given that this Budget has a shelf life of just seven months, before the “real” Budget is presented next year, we should save ourselves the effort of over-analysing its impact on our daily lives. In the midst of all the high pitched, post-Budget televised debates (can anybody recall even a single earth shattering insight by those pompous panelists?), it might have been a good idea to invite a regular housewife to provide the required perspective.
It’s all very well to invest in five more IIMs and IITs (Rs 28,635 crore). But where are the blessed jobs? And compare this statistic if you dare — Rs 2,000 crore allocated to the Ganga Preservation Project (we love the river, and all that), but a measly Rs 150 crore for women’s safety? Or have I missed something? Given Prime Minister Narendra Modi’s dramatic “zero tolerance” speech in Parliament, where he spoke up strongly in favour of stepping up measures to address violence against women, this measly amount is definitely a let down. Some experts have described the Budget as “ominous”. Given what a beastly job it is in a country like ours, where each citizen becomes an overnight fiscal expert during the Budget presentation, Mr Jaitley has acquitted himself reasonably well.
What happens next, will be interesting to monitor. There is no escaping the dire predictions of an imminent drought after experiencing the driest June in 113 years. Mr Jaitley is not the Rain God — at least, not yet. He had said he does not believe in “mindless populism”, which was a pointed dig at his more flamboyant predecessor, the Thiruvalluvar-quoting, P. Chidambaram. While analysts called this Budget “boring” (did they expect Mr Jaitley to read excerpts from the Kamasutra?), let’s be kinder, and call it “safe”.
What did the BJP fans expect? What would have been music to their ears? Which beat did Mr Jaitley miss? Some fervently hoped, this government would have had the testicles to do away with income-tax altogether! Really, now! Though, personally, I would have applauded, even garlanded Mr Jaitley had that been proposed. Dealing with the age-old problem of black money is far more challenging. Demonetisation of large notes was on the anvil, but did not happen. Mr Jaitley will have to look for better solutions to that monster. Investing in roads, housing, airports, is a great move forward — but only if the contracts are given with complete transparency, clear timelines and total accountability.
However, Rs 200 crore for Sardar Vallabhbhai Patel’s statue is one proposal that may hit a roadblock. While Patel remains one of India’s most admired patriots and heroes, this obsession with statues must end. It is terribly out of sync with modern thinking. Instead of building a statue, build hospitals in his name. Or start schools. That is money well spent.
The operative word to describe the Budget 2014 is “small”. It’s all about small. But what the hell. Which citizen will frown when taxes are saved? Never mind if the savings are small. We all hate paying tax. But even I am rejoicing about this small triumph. In fact, I’m planning a trip to my friendly, neighbourhood bar to raise a glass to Mr Jaitley’s Budget… with a small beer, of course!
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