The revised estimates show that the economy has been nudged into a historic trajectory in GDP growth, fiscal management, reining inflation, boosting forex reserves, and in a more inclusive manner than ever before. The vote-on-account estimates the requirements for the next four months appropriate to the growth and reform momentum and carries forward and deeper, the critical policies and commitments announced, such as those relating to the physical infrastructure and social infrastructure that particularly cover rural, agricultural and marginal segments. There is assurance that the linkages among sectors and regions continue to be strengthened as also of de-bottlenecking for flow of resources to where growth must happen, such as farming and SMEs. There is continued promotion of social justice for the working class, though the move on DA merger cannot escape noise disproportionate to the impact.

The speech reckons innovatively, the national contentment, resurgence, confidence and collective resolve indices as also, albeit indirectly, the national aspiration, to develop rapidly and equitably. The flow into the future is now assured to be smooth and continuous in the desired trajectory and in the needed segments to lead the country to the envisioned state of a superpower.

The finance minister deserves compliments for attaining the required balance to be politically right and to meet the growth imperative and aspirations of the people, for this period. The speech symbolises the desire of the government to continue to spread the economic shine even better to the real economy with particular concentration on the rural sector, agriculture sector and the weaker links in the industry. The interim budget or vote-on- account does underscore that the economy is not as slow and elephantine as in earlier decades. The cycles are shorter and people are more involved than earlier — policies, initiatives and resources must keep up the “fire in the belly” to perform and reform. The vote-on-account and the speech do that well so that the interim does not become a docile interregnum. It is indeed a historic privilege and stature that the finance minister enjoys. It is also a difficult situation for his detractors, as they have no option but to resort to the predictable “role fulfilment” and yet expect the public to share their cynicism.

The author is founder trustee of Academy of Corporate Governance and Chairman, Yaga Consulting Pvt Ltd