U.S. Trust in China Wanes, But India’s Budget Offers No Plan for Global Fault Lines
In recent years, India has relied on the United States to navigate challenges posed by China. Beijing aims to restrict India’s emergence as a regional power in South Asia, often leveraging its ally Pakistan to achieve this objective.
Budget Signals DisappointmentSince the economic reforms of 1991, budget speeches in India have raised expectations that tax rates would stabilize, expenditure estimates would become predictable, and budgets would grow “boring.” This year, for the first time, that expectation seems to have come true—but for all the wrong reasons. Investors found the 2026 budget not dull but rather disappointing. The immediate trigger was the increase in Securities Transaction Tax (STT), but broader concerns stem from what Canadian Prime Minister Mark Carney described as crac...









