This joint seminar brought together the Executive Directors of five institutions, namely, the Centre for Policy Research (CPR), Indian Council for Research on International Economic Relations (ICRIER), India Development Foundation (IDF), National Council of Applied Economic Research (NCAER), and National Institute of Public Finance and Policy (NIPFP to present their more reflective assessment of the Union Budget 2018-19.
The 2018-19 Budget has already generated considerable interest, perhaps more than most recent budgets. Of particular concern is how the impact of recent structural measures on macroeconomic and fiscal policy and the Government’s commitment to future fiscal reforms and prudence will be reflected in this budget. Against this backdrop, the heads of the five institutes shared their views of the Union Budget and its longer-term implications for the Indian economy under the leadership of the NDA Government. NCAER was represented by its Director-General, Dr Shekhar Shah. Mr. Shyamal Majumdar, the editor of the Business Standard, moderated the discussion and the Q&A with the audience.
The Union Budget in India remains the bellwether of where the government is headed with its economic policies. But much of the immediate commentary and excited dialogue on TV and the newspapers takes a narrow, short-term view. As a counter, the executive directors of five of India’s leading economic policy research institutes came together in March 2007 for the first time to present their assessment of the longer term reform and development implications of the Budget. This joint event runs into its 12th year in 2018.