Weak equity markets and strong commodity prices continue to wreak havoc with the Indian government’s fiscal targets − as highlighted by the second postponement this calendar year of the Rs80 billion (US$1.8 billion) follow-on public offer by Steel Authority of India (SAIL). While equity markets and commodity prices are beyond the government’s control, political timidity (owing to the recent corruption scandals) threatens to dilute the impact of an important new policy shift: the first...
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