Indian budget sets out prudent vision

India's finance minister is seeking to please the middle classes with his latest budget. But his proposals may not address the needs of the underprivileged , says economic analyst Paranjoy Guha Thakurta.

Budgets in India are much more than the statement of accounts for the world's largest democracy.

As the finance minister, seasoned politician Pranab Mukherjee, said: "It has to reflect the government's vision and signal the policies to come in future."

In this budget Mr Mukherjee has sought to roll back some of the fiscal stimulus measures introduced from late 2008 in the wake of the global economic crisis.