Speaking in the same voice

Discordant voices speaking about fiscal measures have given way to a unified acknowledgment of the challenge the Indian economy has not faced since 1991. For instance, containing the consolidated deficit of the Centre and States to 5.4 per cent of the GDP within 2014-15 as per the new fiscal responsibility and budget management despite making additional provision on education, healthcare and food security would require an adjustment of almost 5 to 6 percentage points of GDP.

Subhomoy is a Deputy Editor based in New Delhi.

subhomoy.bhattacharjee@expressindia.com

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