There has been much written about the Indian budget, many perspectives, numerous op-ed pieces. Instead of writing another one, it might be more meaningful to look at some numbers.

The numbers, however, must be seen in a certain context – that of the return of the original economic-liberalization protagonist in the Indian scenario. And he is now the head of the government. It is rather ironic, though, that the protagonist of economic liberalization takes over as the government that came to power on an anti-liberalization vote, on a mandate that India could not shine if all policies were focused on the needs of the upwardly mobile middle class. Enough said though.

· Total expenditure of US $100 Billion, up 4.2%
· Fiscal deficit is 4.4%, down from 5.6%
· Interest Payments and Debt Servicing accounts for 28% of expenditure
· 13.5% of total expenditure (US$16.5 Billion) is on Defense (almost no change since the last budget)
· 9.8% of total expenditure (US$10.03 Billion) is on a category listed as Subsidies (down by 9%)
· 4.3% of total federal expenditure is passed on to states and union territories as grants
· 2.6% of the expenditure (US$2.67 Billion) is earmarked for a category listed as Economic Services (Agriculture, Industry, Power, Transport, Communications, Science & Technology, etc) – up by 8%
· 2.1% of total expenditure is spent on police (US$2.14 Billion) – up by 15%
· 2% education cess on income tax and corporate tax will raise US$1.2 Billion
· Less than 1.5% of total expenditure (US$ 1.52 Billion) is earmarked for Social Services (including health, education, etc) – talk of investing in the future of the nation, or lack there of
· Loans to public sector units is only US$220 Million dollars
· US$6 Billion earmarked for Below Poverty line programs, food for work programs.
· Net tax revenue expected to be $US60 Billion
· Corporate tax revenue expected to be $US20 Billion, a 40% growth
· India’s external debt at US$112.1 Billion (an increase of 6.8 Billion over the last year) makes it the 8 biggest external-debt facing nation
· India’s external debt is about 21% of its GNP making it one of the nations in a comfortable external debt position
· India’s internal debt is at $251 Billion