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

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Financial Sector, Monetary Policy and Budget 2014

The announcements in the union budget relating to the financial sector were incremental in nature and can be seen as a continuation of the policies of the United Progressive Alliance government. A critique.

1 Introduction

Any analysis of the Union Budget 2014-15 is fraught with a multiplicity of interpretations. After all, in generic terms, there are a number of distinct ways to see Budget 2014. First, there is a view that the Bharatiya Janata Party-led National Democratic Alliance (NDA) Budget looked remarkably familiar to the one that could have been made by the United Progressive Alliance (UPA) – so much so that the ghost of P Chidambaram seemed to have completely captured the mind and thought process of Arun Jaitley. There is, however, a more generous take on the budget. It is believed in some quarters that the hype and hoopla associated with the budget is an Indian phenomenon and that the budget needs to be stripped off its frivolities and it should not be seen as much more than the annual income-expenditure of the union government. The finance minister should be complimented for taking the budget back to the basics. From this standpoint, major policy departures are going to happen over the rest of the year. There is yet another but related view that the NDA government had got hardly 60 days to make the budget and Budget 2014 is merely a trailer. Thus, one may have to wait till February 2015 for the real budget to come up.

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