Budget of vision: Mamata strikes a balance between welfare & growth

Kolkata: In Bengal’s sociopolitical history, Chief Minister Mamata Banerjee’s final full-fledged Budget before the 2026 Assembly elections stands as a significant milestone in multiple ways.

Since assuming office in 2011, Mamata Banerjee has consistently prioritised a pro-people Budget aimed at improving the livelihood of the masses.

Bengal’s Budget has successfully maintained a balance between modernisation, industrialisation and human welfare.

In economics, two distinct schools of thought exist. One advocates for reducing subsidies, arguing against political populism. This perspective has long been a defining feature of economic conservatism, with “Thatcher’s Reforms” serving as a key example.

The Iron Lady, Margaret Thatcher, introduced structural reforms during her tenure as the Prime Minister of the United Kingdom. This approach asserts that tough measures, such as taxation and economic austerity, are necessary to regulate a nation’s financial health.

The opposing viewpoint, however, argues that politics should fundamentally serve and prioritise the well-being of the people.

It asserts that suffering and resentment are not always necessary for progress. Globally, the number of unorganised sectors is growing daily, causing a force crisis.

In this context, Chief Minister Mamata Banerjee has demonstrated a masterful balance between populism and developmental reforms. Regardless of elections, she remains unwavering in her commitment to the well-being of the people.

Moreover, during the Tata Nano-Singur controversy, Banerjee was compelled to oppose Tata’s project to safeguard the interests of farmers and cultivators, ensuring the protection of their lands.

She has always supported industrialisation, however, Banerjee never sacrificed the farmers’ interest. Which shows a balancing act.

In the last Budget before the Lok Sabha polls, Banerjee highlighted development among women, the poor, youth and farmers.

She distributed the development structure into four aspects.

This time before the Assembly election, she introduced rural development and women’s welfare. Because of this, on one side, the DA has increased by 4 per cent from April 1, and on the other side, the rural development has also been taken care of by introducing a well-facilitated infrastructure.

This does not imply that there is only expenditure without revenue generation. The Chief Minister has also implemented various income-generating measures, not solely reliant on taxation but through alternative means as well.

Banerjee is also set to escalate her campaign against the Centre. Despite the Central government’s desperate attempts to withhold funds and hinder the developments initiated by the Chief Minister, she remains resolute in pushing forward with her plans.

In Delhi, Kejriwal faced similar challenges with the Centre withholding revenue to impede his developmental initiatives. However, Mamata Banerjee ensured that Bengal did not face the same fate.

The measures the Chief Minister took stand testament to her political acumen and foresight.

She demonstrated how to design a Budget that incorporates both long-term and short-term measures, striking a perfect strategic balance.

There can be no doubt that political prudence has been reflected in this Budget.