Uttar Pradesh could act as a role model for a fiscal approach that eschews risk-raising populist budgets

One reason for this could be that the scale of this for UP would make it unviable. With an estimated 50 million eligible women, even a modest ₹1,500 cash transfer a month will cost the exchequer ₹90,000 crore a year and serve to double the fiscal deficit. The comparable number for Maharashtra is about ₹20,000 crore, and for Karnataka’s Gruhalakshmi scheme, about ₹29,000 crore a year.