India's new government budget hints at overconfidence

Election-time spending restraint offset by rosy revenue and cost projections

Ritesh Kumar Singh

February 7, 2024 17:00 JST

A mother and son at home in Bihar state: A reduction in government spending is to be achieved mostly through cutbacks to subsidies and other support for rural areas. © Reuters

Ritesh Kumar Singh is founder and chief executive of policy research and advisory company Indonomics Consulting in New Delhi.

The government of Indian Prime Minister Narendra Modi last week defied expectations by refraining from new populist giveaways and demonstrating commendable fiscal restraint as it unveiled its last annual budget before parliamentary elections due by May.