Tuesday, June 2, 1998
Yashwant Sinha's mixed fare
For a man who supposedly had only limited options before him, Finance Minister Yashwant Sinha has pulled off quite a feat with Budget 1998-99. The BJP-led coalition's first stab at dealing with the post-Pokharan situation was originally expected to be a sombre affair, with tough economic decisions taking the joy out of budget-making.
A Shakti proposal without tears
The first budget of the BJP-led government, framed in the shadow of Pokhran II, has focussed on shakti. This is reflected in a 13% plus rise in defence expenditure, with the promise of an increase if required: "There can be no compromise in our defence preparedness", assures Yashwant Sinha.
Sensex fall an over-reaction
Without question the stock market has taken a very serious and negative view of the first budget from the BJP government, going by the initial 160 point drop in the Sensitive Index in the post-budget trading session. The much- needed signal from the government for kick-starting growth did not seem to come across.
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