So what is the wish list from Indian industry and business for this budget? The list includes, inter alia:

 Opening of sectors to Foreign Direct Investment, including defence (to spur manufacturing and also create badly needed jobs) and e-commerce;

 Fiscal consolidation and prudence with the fiscal deficit;

 Taming stubbornly high inflation, which has remained over 8% since 2012, through supply side initiatives; 

 Revamping archaic labour laws, which were largely set during British rule over a 100 years ago, to increase jobs;

 Spur manufacturing from its worst annual performance in 30 years. Modi would like to raise manufacturing from the current 16% of GDP to about 26%;

 Fast track approvals for stalled infrastructure projects;

 Announcements on raising education and healthcare nationally. 

David Fuller's view

Here is the India Report.

The stock market is rising in advance of the new government’s first budget on 10^th July, which is likely to be very positive for the economy and employment.