The role of budgets in economic reforms
Part of : Αρχείον οικονομικής ιστορίας ; Vol.VI, No.2, 1995, pages 43-53
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43-53
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The paper presents mainly the role of the budget as an instument of economomic policy in India from 1947. During four decades a Hempts were made in every budget to place restrictions not on sound business logic but, more on socialist principles. Thus the Indian Economy was beset with continuous corippling crises inflationary pressures, and umbridged government expenditures so that the Indian economy presented a soaring fiscal deficit, forty years ago. From 1991 until 1993 the process of a macro-economic public policy concerning currency, exchange policy, trade policy and industrial policy it was optimistic. The economic policy (1990-1993) helped restore economic growt hand brought down the rate of inflation. Between 1993-1994 Indian Economy although its difficulties continue its using process until 1994 and the balance of payments position had improved markedly, only investment and capital goods for a number of reasons remained weak. The major goals of the gowrth budget (1994-1995) are claimed to be further tax reform, economic growth and stabilizations of final embalances. The 1995-1996 budget undermined the Indian Economy as it was directed also to Populism. The undue expansion of currency and credit and accounted money generated the inflationary potential in Indian Economy and the non development expenditure.
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