This presentation was delivered by Rathin Roy, Director and CEO, National Institute of Public Finance and Policy, at the "Five-Institute Union Budget Seminar 2018-19: Reforms and Development Perspectives", Leela Palace, Chanakyapuri, New Delhi, February 10, 2018. The seminar was organised by the National Institute of Public Finance and Policy in partnership with CPR, ICRIER, NCAER and IDF.