THE last week of February traditionally belongs to the economy. With unfailing regularity, every year on the last day of the shortest month in the calendar the Indian Finance Minister presents his report card on the state of the nation’s economy and charts out the road map for the next 12 months.
Despite repeated attempts to put the fiscal regime on a more stable and long-term footing, annual budgets are so ingrained in the psyche of fiscal policymakers that they refuse to dispense with this hangover from the former colonial masters.
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