Ahead of India’s budget on Saturday, economists at HSBC described expectations as “sky high.” That’s a high bar to clear. So in the end, Prime Minister Narendra Modi didn’t even try.
There was no “big bang” in Mr. Modi’s first full-year budget to match his seismic electoral victory nine months ago. Instead, Finance Minister Arun Jaitley unveiled a measured economic reform agenda that nonetheless could transform the country’s economy if the government follows through on all that it promised.
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