Past failures on spending targets dampen India's 2021 budget hopes

Indian Finance Minister Nirmala Sitharaman’s promise of delivering a budget like no other on Monday stoked hopes of a much-needed spending boost. But if the past is any guide, the reality may disappoint.

The government has missed its total spending targets in the past two years, or even scaled them down, and has failed to meet goals for some of its flagship development programs, a review of budget documents show.

While increasing public expenditure is key to revive the economy from the pandemic-induced slump, falling tax revenues mean Sitharaman will have thin resources. Borrowing has already risen to a record 13.1 trillion