Narendra Modi is increasingly viewed not as broadly pro-market but selectively pro-business
corks popped as Mumbai’s bankers, investors and industrialists feted the re-election of Narendra Modi as India’s prime minister. His Hindu nationalist Bharatiya Janata Party’s defeats in regional elections last autumn raised the possibility of a return to power of the left-leaning Congress party, which most of India Inc views as anti-business, corrupt and fiscally feckless. Mr Modi’s landslide victory therefore set corporate pulses racing. The Mumbai stockmarket soared to a record high.
At an international bank, analysts’ feigned interest turned to mild bewilderment, then despair, as Ms Sitharaman recited the budget’s 143 provisions. The top marginal tax rate for high-earners would increase from 35.9%, already above the level in most emerging economies, to 42.7%, roughly as much as the average in theclub of mostly rich countries. The corporate-tax rate for big companies stayed at 35% .
The budget—and the statist signal it sends—is unlikely to encourage new spending by either domestic firms or foreign ones. Business investment has been sluggish since 2015, a year after Mr Modi first took office, a state of affairs for which the government is, again, not solely to blame. Lots of firms borrowed heavily to invest earlier in the decade, when India’s economy appeared to be on a roll.
Asked on July 8th about the post-budget stockmarket rout, Ms Sitharaman replied that she did not let this sort of thing “affect my calms”. If so, warned one financier at the time, “then the markets will fall until her calms are affected”.
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