Economic Crisis: The road ahead

Six months ago, the Sensex hovered at around 17,000. Today it is close to 20,000. In August 2012, fears of a downgrade for India’s sovereign credit rating loomed large. Early this week, Moody’s Investors Service retained its “stable” outlook for India. India’s macroeconomic fundamentals are still weak, with the government’s fiscal deficit for the current year estimated to be over 5.3 per cent of gross domestic product and the current account deficit touching the five per cent of GDP mark.

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