International Journal of Applied Research
Vol. 2, Issue 3, Part M (2016)
Fiscal stability, finance sector reforms and budget 2016-2017
SN Misra, Sanjaya Ku. Ghadai
Budget 2016-17 had a do a tight rope walk between adherence to FRBM targets and bolstering our GDP momentum, by loosening the deficit targets. It has happily trodden the fiscal consolidation path while showing sensitivity to farmers’ plight, providing LPG connection to BPL families and restoring allocation in ICDS. The paper brings out the genesis of the increasing thrust towards containing fiscal deficits, poor progress on financial sector reforms promised in the last budget, dichotomy between governmental amnesty for tax defrauders while taxing low paid employees for PF withdrawal and tokenism in allocation to the education sector. The paper makes a strong case for building a synergy between the Centre and the States in areas like labour laws, acquisition of land to ensure success of manufacturing zones and Sagarmala project to stitch our coast line. The growth process, must not emasculate institutional independence of monetary institutions, must pay due attention to quality in primacy education and abdicate the tendency to pass on the buck to the RBI, for ushering growth.
How to cite this article:
SN Misra, Sanjaya Ku. Ghadai. Fiscal stability, finance sector reforms and budget 2016-2017. Int J Appl Res 2016;2(3):756-759.