<b>Madan Sabnavis</b>: Still walking on the FRBM road

Two areas that need to be observed are consumption and savings

The finance minister has maintained a fair deal of continuity in the Budget, while adhering to the FRBM path, which is pragmatic. Working backwards at a fiscal deficit ratio of 3.2 per cent, the monetary situation has been kept in equilibrium as there will be untoward pressure on liquidity. At the same time, there has been an uptick in expenditure which will help increase investment from the public side  and thus aid growth. But it should be noted that in the absence of private investment picking up, there will still be pressure on capital formation. Housing, roads and railways appear