MUMBAI ¨C India¡¯s annual budget announcement was a bigger deal than usual this year: As the first full budget of Prime Minister Narendra Modi¡¯s third term, it will set the tone for how the world¡¯s fifth-largest economy confronts slowing growth and sagging markets.
But the year¡¯s top economic policy event opted mainly for short-term economic relief through middle-class tax cuts, while passing up a chance to go big on reforms needed to reignite rapid growth ¡ª once the envy of the world at more than 8%.
The budget also scaled back the government¡¯s emphasis on capital spending and infrastructure, another key driver for India¡¯s growth ambitions since the pandemic.
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