South Asia Monitor: Opportunity Lost? Indian Budget 2003–2004 - April 1, 2003

April 1, 2003

India's budget for fiscal year 2003–2004 will make some contribution to short-term growth but continues the piecemeal approach to economic policy apparent in the last two budgets. With four key state elections during the first half of 2003 and national elections due in 2004, we can expect India's economic policy to muddle through rather than taking bold initiatives. India's growth, under these circumstances, will depend largely on the weather and on a few major investment decisions, and it is not likely to surge ahead in the immediate future.