Economics
Modi Euphoria Turns to Angst Over Slow Pace of India Change
- Billionaire Gupta: "Definitely want to see far more reforms"
- Jim Rogers on Modi: "If he can't do it, who's going to do it?"
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As Indian Finance Minister Arun Jaitley prepared his first budget last year, a small group of bureaucrats walked into his office and suggested a big splash: an end to a retrospective tax that’s soured the investment climate for foreign companies.
Normally budget speeches in New Delhi are long monologues, fat with funding for projects pushed by regional parties that hold together unwieldy ruling coalitions. The senior ministry officials argued that two months after winning the biggest electoral mandate in 30 years, Prime Minister Narendra Modi could take a stand.