India PM Modi’s budget has a large credibility gapBy Mihir Sharma / Bloomberg OpinionTen years after he was first elected India’s prime minister, Narendra Modi might finally have diagnosed why India’s growth, while better than in many countries, has not taken off the way his supporters expected in 2014. The federal budget that Indian Minister of Finance Nirmala Sitharaman announced earlier this week is to serve as the major economic policy road map for the year. It wisely focused on three issues: debt, factor markets such as land and labor, and jobs. However, while Modi has stored up credibility as a fiscal hawk, he has none left as a reformer. Modi’s diagnosis of what has gone wrong with India’s growth has come 10 years too late.
