Again!

We start again tomorrow for Delhi. The budget has been presented and barring the much expected negative list of service taxes, there are no major changes. Income tax  rates or slabs sam some marginal changes. And unlike the rail budget in which the railway minister showed that he could be a bit bold, this budget was status-quoist.
Well, it may not be what it appears to be. Constituting about 60% of the GDP of India, the services sector's negative list may turn out to have larger implications on the amount of revenue collected than we anticipate.
The biggest surprise is the fact that the government has not announced any subsidy cuts. Though any student of economics can tell you that the subsidies in India benefit the rich much more than the poor and thus increase the inequalities that already exist, our political leadership seems to be waiting for a near economic crisis situation to develop before cutting down. 5.9% of fiscal deficit is no laughing matter. We cannot expect to sustain our economic growth rates with such fiscal irresponsibility. As the PM said, it is about time we 'bite the bullet', if we are not to perish.