ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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From 50 Years Ago: Euthanasia of Enthusiasm?

Editorial from Volume IX, No 29, July 20, 1957. 

The more forward-looking of T T K’s budget proposals are getting diluted more and more. The latest series of structural modifications in the wealth and expenditure taxes further tone down the more markedly bold features which made for the wide intellectual approbation the budget received two months ago. Is it that the spell of courage is already over, and the theme song, for erstwhile admirers of the T T K sweep, from now on has to be ‘Lo! The fair dead’?

Some of these developments, of course, could be anticipated. Economic and financial policy cannot wander very much beyond the political centre of gravity, and where kinks and jerks develop, quiet, behind-the-scene parleys pave the way for restoring the equilibrium. It is not possible to move away from the central truth that, even though the Finance Minister springs from their own ranks, the business circles in the country will not fail to neutralise, as much as is decently feasible, some of the sharper tenets of his newly acquired fiscal philosophy. It may be a sad reflection but the fact remains that in an overwhelmingly free-enterprise economy, public finance cannot jump off the rails which run along the wishes, prejudices and predilections of the politically vocal big industrialist class, who continue to maintain strategic holds over the major levers of progress.

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