Arvind Subramanian says that India can still fix their problems

India's recent budget prepared by incumbent bureaucrats, not incoming politicians. It represented continuity—which surprisingly was endorsed by much of the post-budget commentary—when the need of the hour was change. The following analysis focuses on macroeconomic rather than real sector policies. Modi's vision deserves the highest of grades but the substance and the policy actions were not equal to the goal.

In fairness, the new government has had limited time to put personnel in place and prepare politically for the implementation of its policies to restore confidence and generate growth. That may yet happen. For now, observers and critics should be forthright in their assessment of the 2014 budget. But they should also give this government the benefit of doubt and time to translate its laudable vision into recognizable reality.

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