The Bharatiya Janata Party’s decisive victory in the 2019 general election has drawn significant attention to prospects of bold policy measures on the part of the Narendra Modi government. On July 5, Finance Minister Nirmala Sitharaman released the annual union budget for 2019-20. Much has been written and said about the budget’s vision for a 5-trillion dollar economy by 2024, its push for increased investments, and proposed tax relief for start-ups. However, in order to go beyond individual pointers and discern the larger policy implications, it is necessary to take a broader view of the budget and see how it will place the Indian economy in the months and years to come.
Suyash Rai, fellow at Carnegie India, provided an overview of and key insights into the Union Budget 2019-20—in view of the past, present, and future of the Indian economy. The discussion was moderated by Rudra Chaudhuri, director of Carnegie India.
Suyash Rai is a fellow at Carnegie India. His research focuses on the political economy of economic reforms and the performance of public institutions in India. His current research looks at the financial sector, the fiscal system, and the infrastructure sector.
Rudra Chaudhuri is the director at Carnegie India. His primary research focuses on the diplomatic history of South Asia and contemporary security issues.