Specious macroeconomics

Print edition : August 08, 2014

August 30, 1969: Prime Minister Indira Gandhi being congratulated by a group of Muslim women on the nationalisation of banks. The acceptance of Basel-III "norms", which make bank operations "standardised" across all countries, runs counter to the spirit of bank nationalisation. Photo: PIB

V.K. Krishna Menon. When he initiated, as Defence Minister, the policy of increasing domestic production of defence equipment, it was backed by a substantial thrust on domestic R&D. Jaitley's is not a move towards self-reliance but a move away from it. Photo: THE HINDU ARCHIVES

Three examples from the major policy pronouncements made by Arun Jaitley in his Budget prove the erroneous thinking behind the exercise.
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