IT’S THAT TIME OF the year again where all roads lead to North Block, the seat of power of India’s finance ministry. It is never easy being the finance minister of a country. More so for a country such as India where managing contradictions could be much more crucial than balancing the books.

This year, like every election year, the budget has come twice: first in February, when the finance minister Nirmala Sitharaman presented the Interim Budget, and then again on July 23, when she presents the full budget, as has been the convention during an election year.

Between February and now the world seen from the finance minister’s perch on New Delhi’s Raisina Hill has changed quite a bit.

Prime Minister Narendra Modi now leads a coalition government where the Bharatiya Janata Party (BJP) does not enjoy an absolute majority. It is not really an ideal time to be the finance minister. The Union Budget, after all, will be looked upon not just as a statement of accounts, but also as a political economy avowal of sorts.

Be that as it may, this government has admittedly resisted the path of outright handout-driven welfarism (remember the PM’s call outs against `revdi’ culture?), in favour of `empowerment’.

The big question, given the significantly altered political landscape since June 4, will be whether the FM will let electoral necessities guide budget basics? After all, one person’s fiscal deficit can be another person’s lifeline. That said, there are some things over which there can be very little disagreements.

For instance, creating jobs, by tens of millions, for the armies of youth that continue to join the queue of hopefuls every year remains the central long run challenge in India. A productive job is the most effective form of inclusion.

Sitharaman, who could go down in history as India’s longest serving continuous finance minister, could well turn the lens on micro, small and medium enterprises (MSMEs), the lifeblood of India’s economy that accounts for about 45 per cent of India’s GDP and employing an estimated 110 million people.

The large corporations, in a way, may have been India’s global economic flag bearers, but it is the MSMEs that are spinning jobs and multiplying income across the country’s vast and diverse business firmament.