Even the most critical commentators were muted in their response to the Budget 2021. Besides the obvious – increase in capital expenditure, the headline for us was the deliberate use of the word privatization, including in the banking sector and FDI of 74% in Insurance (albeit with some riders). It communicates to the investor community (domestic but most importantly foreign) that India is committed to reform, even in the face of stiff opposition to farm reforms, which most agree is good for the country, even if they disagreed with the manner it was brought in or the challenges it will have in its implementation.