Outcomes instead of outlays was the focus of Budget 2005-06 and finance minister P. Chidambaram tried his best to strike a balance between the twin objectives of growth and equity.

This was how Ashok Lahiri, chief economic adviser, Union ministry of finance, defended the budget proposals at a panel discussion in the city late on Saturday. Organised by the Rotary Club of Calcutta Midwest, the evening?s topic was ?Budget 2005-06 ? A vehicle for Growth?.

The panellists included Anup Sinha, professor of economics at Indian Institute of Management Calcutta, Bhaskar Dutta, professor of economics at Warwick University, UK, and Udayan Bose, managing director, Lazard International.

Lahiri kicked off the evening?s deliberations by sharing how some of the key macroeconomic indicators, ranging from rate of growth of gross domestic product and growth rates in manufacturing and services sectors, have moved in the past few years.

?The economy has never done so well? There is a hunger for growth among the political masters in the country,? said Lahiri, stressing that the budget proposals were aimed at facilitating growth in the economy.

While discussing the government?s plans on expanding infrastructure facilities, he took special care to mention the various social sector initiatives, which the finance minister had announced in the budget.

Though Lahiri presented the government?s justification for ?pressing the pause button? on the fiscal responsibility and budget management act, the other panelists ? Sinha, Dutta and Bose ? raised questions on the rationale behind ignoring the objective of reducing deficits in the government?s books of accounts.

They also questioned the basis of revenue projections in the budget and the chances of achieving the target.

But the budget?s focus on creating infrastructure and developing human capabilities were praised by Sinha, while Dutta lauded the North Block for slashing import duties and widening the tax net.

Though they pointed out the inefficiencies in the delivery mechanism of the welfare measures, they praised the ?direction? in the budget, prepared under the constraints of a multi-party Central coalition.

Bose observed that the budget was ?neither here nor there?. He stressed the need for maintaining continuity in policies and said: ?There is too much of tinkering with regard to taxes here. We must have a stable roadmap for say, five years, which doesn?t get altered even if governments change.?