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

Articles by Ashok K LahiriSubscribe to Ashok K Lahiri

Electoral Cycle and the Union Budget 2023–24

The fiscal deficit and expenditure composition in terms of revenue and capital expenditure in a pre-election budget capture the net effect of the compulsion of reducing taxes and levies, and spending more, particularly on welfare measures, partly to attract votes. An analysis of the 2023–24 budget before the 2024 Lok Sabha elections shows that the current National Democratic Alliance government has managed such compulsions better than not only the two previous United Progressive Alliance governments but even the preceding NDA government.

Debt, Deficit, and Fiscal Risks of the Union Budget for 2022–23

Budget-making requires a careful balancing of contradictory considerations, and such balancing becomes a formidable challenge in a flagging economy hit by a pandemic. This article focuses on the fiscal stance of the budget in terms of debt and deficit in 2021–22 and 2022–23.


Demonetisation and Cash Shortage

Demonetisation of ₹500 and ₹1,000 notes has resulted in a cash shortage. Non-cash medium of payments may be encouraged by this shortage, but, with supplies only from the domestic currency presses, the shortage is unlikely to disappear by the end of 2016. Import of currency printed abroad may provide a solution for ending it sooner. The impact of the shortage, if it continues, will be fully felt in the last quarter of 2016–17. Its growth impact in 2016–17 could be 0.7%–1.3% depending on how much shortage continues, and for how long.

Green Politics and the Indian Middle Class

Four pillars of green politics--social justice, grass-roots democracy, non-violence, and respect for diversity--have become more or less established principles of Indian political parties. The integration of the environmental dimension of green politics, consisting of the twin pillars of ecological wisdom and sustainability, is in an evolutionary phase. It is likely that increasingly this integration will reflect the views of the growing Indian middle class.

The Middle Class and Economic Reforms

The middle class is the basis of a strong and functional democracy. Indian economic policy has, in the past, focused almost entirely on the poor, but the end of poverty lies in the production of the middle class, one that would include many of those who are currently among the poor. This article offers a strategy that takes us away from an economy split between the poor and the rich, and from a charitable notion of economic redistribution to the possibility of rights-based claims for economic justice.

Financial Sector: National Priorities Amidst an International Crisis

This essay focuses on five pending reform items in the financial sector, namely, moving monetary policy to inflation targeting; modernising the delivery of financial services to the priority sectors and vulnerable and weaker sections; introducing capital account convertibility; moving to a streamlined financial regulatory architecture; and restructuring the banking industry.


Wile collecting material for the Economic Survey 2006-07, among others, three sources were also utilised for the section relating to Special Economic Zones:

Budget Deficits and Reforms

This paper provides an overview of the magnitude of fiscal deficit and discusses reasons for its persistence. It describes how the deficit is complicating the task of fiscal reform and suggests remedial measures.

Sub-National Public Finance in India

Fiscal federalism in India has kept state deficits in check but the centre must improve its own fiscal discipline. This article discusses budget constraints on states, relative deficits of centre and states, issues of expenditure prioritisation and state tax issues.

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