Modi Shuns Populist Budget as Focus Stays on Infrastructure (2)

India’s finance minister delivered a budget speech lacking in any major spending and tax measures to lure voters in upcoming elections, a sign that Prime Minister Narendra Modi is confident his government can return to power without resorting to populist programs.

Addressing Modi and lawmakers in New Delhi on Thursday, Finance Minister Nirmala Sitharaman focused her speech on infrastructure spending, increasing affordable housing and improving solar energy use. She hailed the economy’s prospects and the government’s achievements in boosting incomes, saying she was hopeful it will be voted back into office.

The budget was an interim one until a new ...