The Indian budget was presented in Parliament by the Finance Minister, Nirmala Sitharaman, a little over a fortnight ago, but certain aspects still remain unclear or perhaps have become irrelevant, as several major economic developments in India criss-crossed with it this year. I have always maintained that the Indian budget is a useful comparison point for ours, not only because it is released around four months earlier, but also because it sets the precursor for what we ought to focus on, especially from a South Asian perspective. Ironically, many economic pundits have termed this year’s Indian budget a non-event, or even boring, as it was overshadowed by a series of other major developments.

First, there was the overhang of a massive and broad-based trade deal inked between the European Union and India just prior to the presentation of the budget. Second, less than 24 hours after the budget was presented, the USA and India softened their respective hard lines on mutual trade, though the finer contours remain fuzzy, with both sides claiming different interpretations. Third, the Leader of the Opposition, Rahul Gandhi, crossed swords with the government, challenging the very basis of the budget on grounds that it compromises India’s economic future and sovereignty, ultimately leading to a........

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