Colloquium on union budget 2008 - 09

Abstract

This was the seventh Union Budget presented by the Finance Minister (FM), Shri P Chidambaram. Since this one was the last regular Budget of the present government before the forthcoming election of the Parliament, it was but natural that it would address the political needs of the ruling party-alliance for the impending elections. If some observers found it to be ëa typical election year budget,í the element of surprise would be more on their lack of appreciation of the politicoeconomic environment in the country in the last decade or so! In fact, of late, every year has been an election year for the country. This is because, once in five years, the entire population goes for election of the Parliament; the Legislative Assembly elections are staggered so that 25 per cent of the population goes to poll every year since it is impossible to hold them simultaneously in all states. This has emerged as an important fact of the political life in the country. It has direct implications on the national priorities and basic objectives for national policies, both fiscal and monetary