What the foreign media thought about Budget 2014

The Modi’s government’s maiden union budget was given substantial coverage in the foreign media. It was Modi, Modi-nomics, Hindus, FDI in defense and insurance sectors that caught the eye and peppered the headlines across international media. Many did not fail to mention the British telecom operator Vodafone’s tax battle, French retail giant Carrefour’s exit and the spend on ‘vanity matters’ like the proposed tallest statue in the world on Vallabhbhai Patel which they compared to landmarks in their country.

FDI in defence and insurance sectors took up most print space in the papers. The_ Washington Post _ focused on tax cuts, plans to establish broadband connectivity in India’s villages, and funding to improve sanitation and clean up the Ganga. It also spoke about how the government had promised a toilet for every home by 2019.

The_ New York Times _ found it interesting that the approximately $33 million allocated for the statue of Vallabhbhai Patel, will leave a monument that `will be almost twice the size of the Statue of Liberty’ and that it got more funding than “women’s safety nationwide, which got $25 million, or for the education of girls, at $16.5 million”.

Terming the budget an example of ‘Modi-nomics’, Pakistan’s Dawn newspaper, chose to only list the highlights of India’s ’new right wing government’ s budget. It said that the new government would provide greater opportunities for foreign investors.

It was the 12 percent defence spending in the budget that was the highlightfor the_ South China Morning Post _. It said India’s government raised defence spend and targeted more foreign investments for the weapons industry in a bid to close the gap on China. It noted that New Delhi worries that China is building roads and other infrastructure along the disputed land border as well as bolstering its naval presence in the Indian Ocean.

The Guardian focused on the slew of measures to bring in foreign funds and said that India was seen as an attractive market overseas. It tinged the coverage with caution saying “India is a notoriously difficult environment for foreign businesses. The attraction of a potentially huge market is offset by bureaucracy, restrictions on investment, corruption, poor infrastructure and rising environmental problems.”

Expectedly, it also focussed on the woes of Vodafone, specifically the resumption of its tax dispute , and French retail giant Carrefour pulling out of India’s retail space after coming to the market in 2010.

The_ Australia Network News _ said the budget had put a cap on borrowing even as it targeted structural reforms to target growth.