<b>Mihir S Sharma:</b> A Budget that didn't go far enough

Budget also notable for its continued focus on a growth-promotion model that has so far failed

What will be the one takeaway from the Union Budget for 2017-18? It was a bit of a mixed bag, so different groups will probably focus on different things. But for global investors, there will no doubt be a focus on the finance minister’s decision to delay fiscal consolidation. The fiscal deficit for the coming year is pegged to be 3.2 per cent of gross domestic product (GDP) instead of three per cent. It is important to realise why this matters: Global investors will look at that number first, and perhaps look only at that number. It will be interpreted