Uncovering the political economy of the 2023-24 budget

Budgets need to be built from below with community participation via district planning committees, which have a constitutional mandate but are largely non-functional. Citizen engagement and demanding accountability in the making of policies, programmes and budgets is critical to transformation of their lives.

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A lot of euphoria is built around the Union Budget and all kinds of expectations are associated with it. Each year the same tamasha happens on budget day. The 2023–24 budget is no different. The key trigger of excitement and glee in this budget is the changes in the personal income tax slab rates and exemption limits. Finally, do we have a middle class budget?

No, we do not. Union Budgets are always about the corporate economy and more so since the last two decades. Union Finance Minister Nirmala Sitharaman, in the regime's move towards Amrit Kaal, has drawn up a strategy which she calls Saptarishi (I guess it means seven sages who would guide her). She does not tell us who these seven sages are but does say that the budget has seven priorities — inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector.

What do each of these seven priorities actually entail?

There is clearly no evidence of any significance of these priorities. Does having insignificant budget lines for minority development, schemes targeted at the Scheduled Castes and Tribes, women and child-oriented schemes, or schemes for the disabled constitute inclusive development? Yes, there are budgetary allocations for the above constituents, but when you look at them from a critical lens, these are mere sops and these schemes have no significant impact on the intended beneficiaries in terms of transforming their lives.