The budget will be judged mostly for what it does to put the Indian economy back on the growth track. There are many ideas and propositions doing the rounds; the one I would pick is that of a fiscally expansionist budget. In the upcoming budget, the finance minister should opt for a higher fiscal deficit. It means undoing some of the progress achieved through his previous three budgets — a progressive reduction in both fiscal and revenue deficits that slipped to unviable levels during the second term of the UPA government. The present-day economic context and evidences from the past make a compelling case for the government to loosen its purse strings.
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