On cliff’s edge
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India, too, is grappling with its own version of the fiscal cliff, the biggest challenge before Finance Minister P. Chidambaram. The UPA has exhausted its fiscal space even as growth has fallen to a 10-year low. The challenge is to effect a sharp reduction in the fisc while not adversely affecting quality public investment, which can in turn give a fillip to private investment. In a way, Chidambaram's dilemma is the same as Obama's. Obama has a slight advantage, he doesn't have to face an election in 2014.