ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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The Budget, Inflation and All That

The Budget, Inflation and All That Arun Ghosh ONE has to admit that although prices have generally been rising, there is no visible sign of pervasive inflation in the economy as yet. Budgetary deficits have been increasing at an alarming rate over the past several years, as a result of the excess of government expenditures over income (or receipts), and monetary circulation has been increasing, government recourse to borrowing from the banking sector being a prime factor. And yet, the increase in the price level has been significantly less than one would expect as a result of the large budgetary deficits. So, what really has been happening? Is it that some of us, outside government, have been ultra-conservative, scared, and generally out of touch with reality when

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