must be shared fairly and equitably by all stake holders. “The poor must be protected and the others must bear their fair share of the burden,” he had said after taking charge of the finance portfolio last August. Clearly, the minister does not intend to spring a shock to the common man in his next budget, but may rather be inclined to make the rich pay more. In fact, the message many got from his four-nation investor meet earlier this week was that India's fiscal consolidation attempts lay emphasis on increasing revenue by simplifying tax procedure, not by raising tax rates. There may be spending cuts in the short term, but in the longer run, economic policy overhaul would spur growth as well as revenue. Chidambaram said fiscal prudence will be a key part of his budget.
Chidambaram estimates the GDP to grow at 8% in 2013-14, after a 6-7% growth this fiscal.
He said the forthcoming union budget would not be scripted keeping in mind the 2014 general elections. “The election is a good 14 months away from the budget. The budget will be a responsible budget,” he said.