The responsibility for peace in Ukraine now rests in the hands of the two principal belligerents, Russia and the US, and the prime victim of this great power rivalry, Ukraine, points out Nitin Desai.

The real requirement for the finance minister's explanatory speech is to explain the measures taken in the Budget to influence inflation and growth not just through the announcement of a deficit goal, but more broadly through the impact on money supply, consumer demand, foreign trade and investment, explains Nitin Desai.

For Yoginder, it is a release from pain. But for us, his friends, it is the loss of a warm and generous life companion, says Nitin Desai of his 50-year association with the eminent economist who passed into the ages on December 6, 2022.

'The most important priority for the next 25 years should be to strengthen our democracy so that it is supportive of social harmony, and to not just respect but to take pride in the diversity of Indian society in terms of the variety of languages, religion and religious practices and social norms,' explains Nitin Desai.

The most immediate challenge for growth is the disruption of the global economy brought about by the Ukraine war and related sanctions, the Covid shutdowns in China and the rising tide of inflation, points out Nitin Desai.

'The answer for a quicker boost to growth is simple -- run a much larger deficit, use the resulting public resources to ensure adequate price support for agriculture, subsidise wage costs of MSMEs and accelerate public sector construction-intensive activities,' advises Nitin Desai.

'More a show that you are doing something in the Budget even if that something never actually comes to pass,' notes Nitin Desai.

'The revival of household savings and investment is the litmus test of whether we are on the road to recovery,' says Nitin Desai.

The measures to reduce the current account deficit should have focused far more on narrowing the trade imbalance, principally through export facilitation and linked FDI, says Nitin Desai.

Is the Budget sufficiently prudent? It probably is but at the cost of substantial under-provisioning for the many grand sounding schemes announced in it, says Nitin Desai.

How soon can India reach a point when there is no hidden underemployment and all who want work can find it at a fair wage and decent work conditions, asks Nitin Desai.

If GDP growth in Q2FY18 remains below 7%, the outlook for Samvat 2074 would remain uncertain at best, says Nitin Desai.

Nitin Desai suggests some concrete measures to revive investment and boost growth.

Universal basic income or social security? Economist Nitin Desai feels we need a blueprint for universal health care and pensions to help the vulnerable section.

Loan waivers will never be enough. Reforming the agricultural marketing system is essential to addressing the concerns of farmers in a sustainable manner, says Nitin Desai.

From the roll-out of GST to H1B visa problems, the government needs to quickly deal with various disruptions.

The party's most important electoral challenge lies in whether it can meet the aspirations of the youth who were drawn by the promise of gainful work.

'An isolationist US and a disintegrating European Union will create a power vacuum that only China is in a position to fill -- a conclusion that is uncomfortable but unavoidable,' says Nitin Desai.

The prime minister sees himself as the "vikas purush". But realising his government's agenda for development requires not just a more efficient administration but also a credible implementation plan, says Nitin Desai.

'Are moving towards a political culture that provides more space for violence and a paranoid political rhetoric,' asks Nitin Desai.