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

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Massive Capital Expenditure, Modest Fiscal Consolidation, and Cut in Pillars of Social Safety Net

The finance minister’s five budgets, including the 2023–24 budget, demonstrate a welcome commitment to transparency. They also reveal a clear strategy of combining high capital expenditure-led growth with fiscal consolidation. But post the pandemic, these strategic priorities have been pursued at the cost of weakening the two key pillars of India’s social safety net—food subsidy and the Mahatma Gandhi National Rural Employment Guarantee Act income support.

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