India’s fiscal position has ceased to be the major risk factor that it long appeared to be, thanks above all to robust tax revenues in a booming economy. This is not only a cyclical story. A vital contribution to healthier public finances has also come from the annual deficit reduction obligation laid down in the Fiscal Responsibility and Budget Management (FRBM) Act of 2003. In addition, there have been some useful reforms to the tax system and tax administration.
But improved...
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