India is on the frontline of the geopolitical conflict — We need a budget to reflect that fact
Dear Reader,
I do hope the Union Budget 2023 will not be a business-as-usual one. Nor should it be, God forbid, a populist one. The finance minister’s speech needs to go beyond the mere numbers, the accounting pieties of balancing the books, a sop here, a nudge there and catchphrases everywhere.
Instead, it should outline to us how the government plans to deal with the brave new world that is in the making. We would like to know the strategy and the tactics that will be employed and the vision the government has of India’s role in the new world. After all, we are now on the frontline of an ongoing geopolitical conflict, and the old ways will not do. We need to talk geo-economics, where economics must be used to advance geopolitical and national security objectives.
Consider what a group of RBI economists wrote in their ‘State of the Economy Report’. They said, “Powerful forces are being unleashed that can potentially reshape the global order. The upsurge of international hostilities in 2022 is rearranging geopolitical configurations, with profound implications for economic activity, commerce and finance.”
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