On February 1st, India’s finance minister Nirmala Sitharaman presented her eighth Budget of the Modi era. This year’s budget was tabled at a precarious economic juncture, for India and for the world. India has been challenged by slowing growth, persistent inflation, and global uncertainties motivated in part by the return of Donald Trump to the White House just a few weeks ago.

So, how has the finance minister approached this delicate moment? What are the government’s priorities for the coming fiscal year? And has it made the tough decisions that could revive underlying animal spirits?

To discuss these and many other questions, Milan is joined on the podcast this week by Sukumar Ranganathan, editor-in-chief of the Hindustan Times.

Long-time listeners will know that Sukumar has regularly appeared on the show to share his insights on India’s political economy with us. On this week’s show, Milan and Sukumar discuss India’s worrying growth slowdown, the government’s pitch for deregulation, and a generous tax cut for the middle class. Plus, the two discuss the potential impacts of Trump’s tariffs on the Indian economy.

Episode notes:

1. “Anticipating the Unintended,” issue 287, February 2, 2025.

2. Roshan Kishore, “What the budget does for politics,” Hindustan Times, February 2, 2025.

3. Roshan Kishore, “What the budget does for demand,” Hindustan Times, February 2, 2025.

4. Roshan Kishore, “What the budget does for the fisc,” Hindustan Times, February 2, 2025.

5. Roshan Kishore, “What the budget 2025 means for economic reforms,” Hindustan Times, February 2, 2025.

6. “Previewing India's 2024 General Election (with Sukumar Ranganathan),” Grand Tamasha, April 17, 2024.