On February 1, the Union government presented its budget for the upcoming fiscal year—setting the tone for its midterm pivot as the government turns toward 2024 and the end of its  second term in office. What are the biggest takeaways from this year’s budget? How did the markets receive it? And what does it tell us about India’s uncertain economic recovery? 

To discuss these questions and much more, Milan is joined on the podcast this week by Roshan Kishore, data and political economy editor at the Hindustan Times.

Milan and Roshan discuss India’s macroeconomic context, the government’s long-term growth strategy, and lagging private demand. Plus, the two discuss potential headwinds arising from the global economy and the debate over India’s long-term trend growth rate.

1. Roshan Kishore, “Math of the economy: How to understand the Budget,” Hindustan Times, February 2, 2022. 
2. Roshan Kishore, “Three questions which capture India’s medium-term economic challenge,” Hindustan Times, February 3, 2022.
3. Poonam Gupta, “Budget steers clear of drama in complex economic environment,” Economic Times, February 2, 2022.
4. Rohit Lamba and Raghuram Rajan, “Don’t Mimic China’s Economic Model,” Times of India, February 15, 2022.