The Indian government’s pre-election giveaway budget has laid bare the realities and risks of current fiscal policy. The reality is of a fiscal stance much looser than officially stated. Yet the resultant risks are negligible. This is due to impressive tax revenue performance – stemming mainly of course from strong economic growth, but also underpinned by some useful tax reform and hedged by reasonable assumptions about future revenue growth.
Once the national elections are out of...
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