Will the Finance Minister’s several rollbacks bring foreign investors roaring back in?
Probably not. Foreign investors have several other concerns apart from contentious tax and other Budget proposals, although they will be definitely applauding Pranab Mukherjee for making so many sudden concessions.
Nevertheless, it doesn’t change the fact that a range of macroeconomic worries ranging from poor economic growth, a wobbly rupee, a high fiscal deficit and a high current account deficit (the BIG worry for investors at the moment) to a lack of corporate investments and economic reforms are going to become bigger concerns over the next few months.