India, Feb. 5 -- The last full Budget before the 2024 general elections is not only an exercise in futility but is also tone-deaf to the realities of the society and India's neighbourhood. Like always, the Government cheerleaders claim that the Budget is historic, but if one looks beyond the surfeit of terms like Amrit kaal, Shri Anna, Karmayogi, etc, one finds that it is neither for the masses nor for long-term growth potential of the economy.
The biggest failure is the refusal of the Government to increase defence expenditure in any meaningful manner. For the first time in decades India's defence allocations have dropped below two per cent of the nominal GDP. The growth in defence expenditure has even failed to keep pace with the rise in...