Finance Minister Nirmala Sitharaman on Friday announced a large number of administrative and tax changes aimed at reviving India’s stalled economy. There was clearly a need for some such course correction by the government in view of the slowdown.
However, the fiscal space for a counter-cyclical stimulus simply did not exist. It is a relief that the government has been cautious about extra spending, and has focused on measures with limited fiscal impact. The government’s willingness to listen and its acceptance of the fact that there are problems in the India economy are also ...
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