Union Budget 2024: Need a long-term vision

The Budget could have outlined a three-tier Customs duty structure with minimum rate on raw materials, a slightly higher rate on intermediates, and the highest rate on finished products

Why does the Budget in India evoke so much hype and expectation? Normally, it should be regarded as a routine annual accounting exercise, as in many other countries. The reason for this difference in India lies in the reforms of the 1990s when the Budget became a medium for announcing widespread policy reforms and signalling medium- and long-term priorities.  

In this Budget, the emphasis was more on programmes than on policies, reflecting the government’s serious concerns about employment, especially youth unemployment. The priorities outlined by the government sought to address this area in many ways. What was gratifying,