BETWEEN 1966 AND 1972, Government’s Budgets were designed to achieve the principal objectives of (1) economic growth, (2) job creation and (3) stable consumer prices. For the next decade after 1972, the objectives shifted to (1) controlling the fiscal deficit, (2) managing the foreign reserves and (3) sustaining moderate to low rates of economic growth.
It must be understood that the fiscal measures designed to reduce the deficits and protect the foreign reserves do not promote economic growth. If plants are deliberately deprived of water, the objective is certainly not to encourage them to grow.
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