Arun Jaitley hints tough budget

Finance Minister Arun Jaitley has hinted a tough budget, stating that the country needs to decide whether it requires fiscal discipline or mindless spending.

“Does India need a certain amount of fiscal discipline at this time? Do we need prudence? Or do we need some mindless spending and populism,” Jaitley asked.

“You have growth which has slowed down. We have a high fiscal deficit. We have a rate of inflation which in comparison to the last two years has somewhat come down but still is beyond the acceptable limit. Our challenges are compounded. We have an uncertain monsoon. The impact of Iraq on the oil prices adds to the challenges,” he added.

“If you indulge in mindless populism, you burden the exchequer. You expect the finance minister to impose higher taxes,” Jaitley said, adding, “It does not work.”

Prime Minister Narendra Modi has earlier cautioned for “bitter medicine” to revive the poor economy.

(With input from Reuters)

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