Modi Budget Seen as Opportunity Missed After India Win: Economy

Prime Minister Narendra Modi’s first budget since his election win was seen as a missed chance to take tough measures on subsidies by economists at banks including Deutsche Bank AG and Nomura Holdings Inc.

Finance Minister Arun Jaitley retained the fiscal shortfall target at 4.1 percent of gross domestic product while leaving revenue and expenditure forecasts largely similar to an interim budget in February. At the same time, he unveiled plans to “overhaul” food and fuel subsidies to narrow the fiscal gap to 3 percent of GDP in 2017.