http://www.rediff.com/money/2009/feb/20bcrisis-india-fiscal-deficit-to-be-highest.htm
the reason Chidambaram and Manmohan are called a dream team is that they do little else but dream. or wet dreams in their case; future generations will pay for this through their nose.
Philosophically speaking - deficit spending in India is not the paap-karm it is in the west. this is because the domestic savings rate, at mid thirties percent is high enough to sustain government overspending. the problem is what you get (or do not get) in return. no assets, no employement and income generation, no long term economic velocity - no nothing.
chidambaram ran a deficit simply to get 50k crores for recapitalising swiss banks
P.S - do not get me wrong guys. I think everyone including Indian government should balance their budget. but it makes me weep to see hard won indian savings been thrown away by these economic assassins
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