Ignoring Priorities

The growth impetus that is hoped for in the 2003-04 Budget is to come not from any structural changes in the economy or through pushing up infrastructure investment, but is expected to be consumption-led: revenue deficits continue to be high, salaried individuals have received some relief, dividend tax has been abolished, so too expenditure tax. However, if the growth gamble does not work, then government finances will come under severe stress and the country will have to face the consequences of a budget that did not address the very priorities that were set out by the finance minister himself in his budget speech.