Few will dispute that the Indian economy’s recovery from the covid shock has been better than that of most other major economies, barring perhaps the US. If this admittedly K-shaped rebound is to continue apace and become more equitable, government spending must hold up; and, as a corollary, the health of government finances isn’t imperilled. Sadly, the ‘demands’ of electoral populism seem to be militating against fiscal prudence at a time we need it most: to use our limited resources for investments like health, education, law-and- order, roads, bridges, hospitals, etc. Instead, this poll season, we are witnessing a growing capitulation by the political class to what a vocal minority—government servants—wants. In a country inured to irresponsible poll promises of ‘freebies’ such as free water and electricity, and loan waivers, political parties have been promising the most dangerous of them all: A return to the earlier defined-benefit Old Pension Scheme (OPS) in lieu of the post-2004 defined-contribution New Pension System (NPS).