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With economic recovery still feeble, the need for the government to push capital expenditure has become critical. But past experience suggests that the productivity of such investment, as reflected in the incremental capital-output ratio, has been falling steadily. In that context, the prime minister’s recent order to review key projects delayed by green regulations may mark a step towards improving the efficiency of the government capital expenditure -- but so would strengthening the Insolvency and Bankruptcy code and reforming the banking system, the top edit points out. Read it here
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Ajai Shukla says
