The government of India has an appalling track record in keeping its promises on fiscal prudence. Hence, this is what I focus on first when the Budget is announced. Last year, I was delighted as the government maintained its commitment to stick to the announced fiscal consolidation path. This year, I was pessimistic since there were cries for “expansionary” and “counter-cyclical” fiscal expansion from many quarters. The finance minister did not delight me this year but did not depress me either. He has secured the fiscal deficit/GDP target for FY16 and has slipped to 3.2 per cent in FY17 which
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