The private sector’s concerns are not irrelevant. India’s recovery cannot be run by government fiat; the bounce-back of private corporate investment is essential. That, of course, depends on sentiment. Concerns that that optimism hasn’t been stoked are therefore valid, if almost certainly overstated. But as the government’s political minds set to rest concerns that India is restoring to places of honour socialist holy cows, the question will inevitably be asked: why the shyness to talk reform on the big stage the Budget provides?

Thus the eventual response of the private sector, and the re-energising of India’s growth, is what will write the final mark on the report card for Pranab Mukherjee’s effort. Wait to see what happens to investment from July to December. Or, of course, look to see if, over the next 100 days, the government’s reform agenda will slowly filter through.