PMEAC lessons

Not unexpectedly, given how its projections for FY13 went so horribly wrong, much of the latest report of the Prime Minister’s Economic Advisory Council (PMEAC) is devoted to why it misread the tea leaves—as compared to its GDP projection for FY13 of 6.7%, actual growth is around 5%; and while the PMEAC was looking at a current account deficit of 3.6% of GDP in FY13, the actual number is likely to be around 5% of GDP.

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