Budget marks a change of course

The main puzzle of economic policy today is the slow pace of private investment. The Budget announcements show progress in some areas. In proposing to privatise public sector unit (PSU) banks and increasing the foreign direct investment (FDI) limit on insurance, there is a new willingness to take on problems which had turned into holy cows. There is progress on fiscal transparency, and in putting a halt to the procession of welfarist initiatives and increased tax rates. In other areas, there is less progress. Many Customs duties have gone up, which will harm the economy. The initiatives on ban.....

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