On cliff’s edge

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.


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