The choice for India, and P. Chidambaram, is crystal clear. We need to abandon the reckless adventurism of UPA 2 (and parts of UPA 1). Budget 2013-14 should be about subsidy control, and about considerably improved targeting. Technology in the form of Aadhaar is now available; cash transfers are an important component of anti-poverty policy in most countries. The budget should remember the insight of Rajiv Gandhi, and it should concentrate on the relationship between outlays and outcomes.
The writer is chairman of Oxus Investments, an emerging market advisory firm, and a senior advisor to Blufin, a leading financial information company