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A bet on reforms-driven growth despite India’s fiscal compression India’s finance minister also announced a set of financial sector reforms, be it in insurance, banking or development finance. Success would depend on how well these are carried out. (Photo: iStock)Premium Sudipto Mundle The budget has announced some laudable reform initiatives but their success will depend on how well they get implemented The budget has surprisingly opted for fiscal compression at a time when our economy needed higher spending. Thankfully, capital expenditure has risen, which can offer multiplier gains. Share Via Read Full Story A game-changing 2021-22 budget was required to reboot the economy and revive growth, apart from one with greater transparency, especially with regard to extra-budgetary resources. Three key requirements included: (i) high expenditure growth to pump-prime demand, (ii) a shift in expenditure allocation in favour of income support and public investment, combining the

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