Indicating that his maiden budget next week will not indulge in ‘mindless populism’, Finance Minister Arun Jaitley, on Tuesday, said the government would take bold decisions and pursue the path of fiscal prudence to revive economy.
Listing out the challenges before the country, he said the fiscal deficit was high, inflation was beyond acceptable limits and the fallout of Iraq crisis loomed large on the economy.
“If you indulge in mindless populism you burden the exchequer…you convert yourself into a high taxation society. It does not work. Therefore, if you have to follow a path of fiscal prudence, (you should) have a certain amount of discipline,” Mr. Jaitley said.
Addressing a function of the Institute of Chartered Accountants of India, he said the rate of inflation compared to last year have somewhat came
down but was
“still beyond the acceptable limits.”
Referring to the investment scenario, Mr. Jaitley said after 3-4 years of pessimism there was hope and now
“bold decision-making” was possible.