Budget: The four essentials

Now that the Assembly elections in five states are over, with what can only be called a defeat for the Congress, the pressure is on Finance Minister Pranab Mukherjee to help the United Progressive Alliance, in its second term, (UPA-II) out of the hole it’s in. Mr Mukherjee’s job is unenviable: the government has been stuck in policy paralysis for months; political obstructionism among its allies and the Opposition have held up basic reform; and the fiscal space has shrunk.

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