India needs a transformational Budget

WHEN he presents his government's maiden Budget tomorrow, Indian Finance Minister Arun Jaitley will have his first big opportunity to give some substance to the ambitious economic reform agenda of which newly elected Prime Minister Narendra Modi spoke so passionately during his election campaign.

Expectations are running high. The Indian electorate is impatient for change and investors are expecting it: India's stockmarket indices have jumped more than 20 per cent this year…