But the national budget announced July 10 was widely panned as being little more than an extension of the previous government’s populist — and enormously expensive — policies. Modi retained programs subsidizing grains, sugar and fuel, as well as caps on foreign direct investment, which limit fresh capital to fuel business ventures.
Last week, in a speech commemorating India’s independence from Britain, he referred to some campaign promises, including accelerating economic reforms, which lifted India’s benchmark stock index to a record. But it was mostly a ceremonial speech and didn’t spell out more specifics.