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Financial Sector in the Budget
The 2020 Union Budget has announced several small steps that could give some fillip to the financial sector in the short run, but the lack of a long-term vision for reviving an economy in downswing remains most conspicuous.
Metaphorically speaking, going through the Union Budget 2020–21 is like reading Gabriel García Márquez’s 1985 classic novel Love in the Time of Cholera, where optimism is seen to coexist with physical diseases. After all, the term “slowdown” is conspicuous by its absence in one of the longest budget speeches in recent history, so much so that in making sense of the myriad of things that the budget proposed, one may even get an uncanny feeling of skating on thin ice. While this article essentially deals with the budget’s vision and proposals relating to the financial sector, to begin with, it may be useful to have the context in which the budget was being made.
Current Macro-financial Context
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