New Delhi, Jan. 27 -- The world has changed dramatically since Nirmala Sitharaman presented the Union budget in February 2025. US President Donald Trump has taken a wrecking ball to the institutional edifice that-despite some obvious fractures-has provided a stable framework for economic activity around the world.

The new edition of the budget that the finance minister will unveil this Sunday should thus be watched closely not only for its numbers. There may also be clues on how the government plans to help the Indian economy through uncharted waters in the years ahead. It will be about frameworks as well as figures.

First, the bean counting. Indian fiscal policy has gained credibility over the past five years for two reasons. The old h...