A long-overdue raise

The cheer of the new year was darkened by news that India’s public finances continue to be in dire straits. The deficit of government spending over revenue has already reached over 80 per cent of budgeted levels. The clear indication is that the Budget target of a fiscal deficit at 5.1 per cent of gross domestic product, or the finance minister’s “revised” target presented in the fiscal consolidation road map a few months ago, of 5.3 per cent of GDP, is out of reach.

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