Repair and reform

On the whole, the finance minister has done remarkably well to trim the fiscal deficit to 3.3 per cent of GDP

Nirmala Sitharaman has done a good repair job on the fiscal front while announcing some potentially far-reaching financial innovations as well as changes in the definition of the public sector. She has also, unfortunately, reverted to hoary Indian tradition in her tax effort: Soak the rich, raise import tariff walls, and hit petroleum. On the expenditure side, there is little of note in terms of changes from what was presented in the Interim Budget five months ago. While the determination to remain fiscally responsible is welcome, the more important changes may lie outside of the Budget numbers.
 
But first,