Something deficient in fiscal deficit

GDP alone isn't an adequate measure to calculate a safe level of budget deficit. Population also has to be worked into the method. It is just common sense

Way back in 1986, I wrote an article in which I discussed the idea of budget deficits because the Rajiv Gandhi government had accepted the idea of financing growth by borrowing from the Reserve Bank of India (RBI) — that is printing notes. The idea had come from L K Jha, once in the Indian Civil Service, and RBI governor in the late 1960s.

Many economists in India and abroad were pointing to the risks of this strategy. The International Monetary Fund (IMF), in particular, basking in the glow of its successes in tackling the Latin American debt crisis, was especially