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In an era where fiscal policy often dictates market sentiment, the unveiling of the Modi 3.0 budget has paradoxically left investors in a state of perplexity. The absence of a pronounced reaction from the financial markets—despite a fiscal deficit lower than anticipated and a further conservative projection for the coming year—raises pertinent questions about the efficacy of fiscal prudence in swaying economic sentiments. While global economies grapple with escalating deficits, India's disciplined approach to fiscal management should, in theory, be met with investor optimism. However, market behavior remains an enigma, often impervious to logical deductions.

A Strategic Shift in Nuclear PolicyBeyond the realm of fiscal orthodoxy, the budget introduces a groundbreaking proposition with far-reaching geopolitical and economic ramifications: the amendment of the Atomic Energy Act and the Civil Liability for Nuclear Damage Act (CLNDA). This policy shift, intertwined with the ambitious target of achieving 100 GW of nuclear power by 2047, signals a recalibration of India’s strategic posture, particularly in the context of global nuclear commerce.

Amending this legal framework would align India with the Convention on Supplementary Compensation for Nuclear Damage (CSC), which limits operator liability while granting immunity to suppliers. The existing legislation, influenced by the political turbulence surrounding the 2010 Supreme Court ruling on the Bhopal Gas tragedy, had stymied India’s nuclear aspirations. Should the Modi administration succeed in enacting these amendments, it would not only pave the way for accelerated nuclear energy expansion but also enhance India’s strategic leverage on the global stage. The precedent set by the Modi government’s prior policy reversals—such as its endorsement of the Indo-U.S. Civil Nuclear Deal, the rapprochement with Washington, and the resolution of the Bangladesh border dispute—demonstrates a pragmatic willingness to correct past miscalculations. If executed promptly, this legislative overhaul could serve as a diplomatic trump card when Modi engages with the potential Trump 2.0 administration.
Moreover, shifting nuclear power generation oversight from the Department of Atomic Energy to the Ministry of Power could streamline regulatory approvals and expedite infrastructure development. With 2,067 acres of land already earmarked in Andhra Pradesh for a 6.6 GW nuclear power facility, the potential for a significant leap in India's nuclear capacity is palpable.
A Consistent, Albeit Unremarkable, BudgetReturning to the broader contours of the budget, its predictability underscores a broader trend of continuity.

One of the budget’s most conspicuous features is its overtly socialist undertone, particularly the targeted tax relief for middle-class earners within the Rs 12-24 lakh income bracket. This starkly contrasts with the aggressive corporate tax reductions of 2019, which were designed to ignite entrepreneurial fervor akin to Reaganomics. Privatization, once a centerpiece of economic liberalization, appears to have been relegated to the sidelines. Recent rhetoric from the Prime Minister has celebrated the resurgence of Public Sector Undertakings (PSUs) under his administration, signaling a departure from the earlier push for disinvestment. Furthermore, his repeated invocation of populist slogans—ranging from the Congress-era “inclusive growth” to the Aam Aadmi Party’s (AAP) “common man” narrative—reflects a conscious pivot towards economic policies that resonate with broader electoral constituencies.
In essence, the Modi 3.0 budget embodies a paradoxical blend of fiscal conservatism, strategic recalibration, and ideological continuity. While its socialist inclinations cater to mass appeal, its nuclear ambitions reflect a pragmatic recognition of geopolitical realities. Whether this dual-track approach will yield the intended economic and diplomatic dividends remains to be seen, but one thing is certain: India’s fiscal and strategic trajectory is being meticulously recalibrated for the long haul.