Editorial: Narendra Modi’s fourth budget deserves praise for what it didn’t do. Despite imminent elections in five states, the Indian Prime Minister resisted the temptation to woo voters with expensive giveaways. He didn’t raise the long-term capital-gains tax or soak foreign portfolio investors. Instead he continued to boost capital spending on roads and railways while putting India’s public finances in order. – Wall Street Journal (subscription required)
Sadanand Dhume writes: The BJP’s leftward lurch is probably due in part to opposition taunts that it was too pro-business. The government’s chief economic advisor, Arvind Subramanian, suggests that the problem may go even deeper. He noted in a report released ahead of the budget that “India has distinctly anti-market beliefs relative to others.” Whatever the reason, it’s time to accept that whatever else Mr. Modi uses his 2014 mandate for, it will not be to dramatically reform Asia’s third-largest economy. – Wall Street Journal (subscription required)
Sadanand Dhume writes: The BJP’s leftward lurch is probably due in part to opposition taunts that it was too pro-business. The government’s chief economic advisor, Arvind Subramanian, suggests that the problem may go even deeper. He noted in a report released ahead of the budget that “India has distinctly anti-market beliefs relative to others.” Whatever the reason, it’s time to accept that whatever else Mr. Modi uses his 2014 mandate for, it will not be to dramatically reform Asia’s third-largest economy. – Wall Street Journal (subscription required)
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