Tasks before the finance minister
It would be a cliche to say that the finance minister is going to present his budget at a crucial time in the history of the country. We said this in the past too. But, with a few exceptions, never before was it so true as it is now. The dimensions of the fiscal problems were laid bare by the FM in the interim budget for 1998-99.

Guns versus butter
Pakistan's retaliatory tests have firmly established the nuclear deterrence principle in the subcontinent. It will now take an act of gross irresponsibility to start another war in the region. This is the main benefit of the changed climate ushered in by the nuclear tests. The pressure for a negotiated settlement of differences between India and Pakistan has also increased.

Tinkering with fares
The railway minister has had the courage to risk unpopularity by raising fares. He has promised to use the money raised from increased fares, and the money saved through the postponement of pension and provident fund payments, to step up sorely needed capital expenditure. But apart from these redeeming features, this year's railway budget continue to be the mix of populism and pedestrian thinking that has characterised such exercises.

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