Will the Budget deliver big bang reforms?

Economic Survey rules out need for such reforms; analysts believe fiscal tightening, rural stress and political debacle might be restrictive

Hype around Finance Minister Arun Jaitley's second Budget has taken epic proportions. Morgan Stanley’s India strategist Ridham Desai has termed it “the most important one for the stock market after the early 1990s, when India launched economic liberalisation”. Interestingly, a day before the FM presents the Union Budget for 2015-16, the Economic Survey has taken pains to temper the market's out-sized expectations. Markets might have priced in a “big bang” Budget, but the survey has termed such reforms a “unreasonable and infeasible standard for ...