New Delhi, Feb. 24 -- At one level, the Supreme Court's (SC) chastisement last week of political parties and elected governments announcing freebies and direct cash transfers to woo voters ahead of elections might smack of judicial over-reach.

Under India's Constitution, all three arms of the state-the legislature, executive and judiciary-are required and expected to maintain a delicate balance without stepping on each other's turf.

However, a closer look at the object lesson delivered by the apex court to our political class on the long-term cost of such fiscal irresponsibility offers no reason to level that charge.

The SC was only voicing what many observers have said before. That the seemingly endless freebies announced by governmen...