This month, the attention of the policy ecosystem has been focused on two events. The decision to collect a withholding tax on some (I’m not quite sure which) foreign spending and the withdrawal from circulation of Rs 2,000 currency notes
These are things to read about in magazines at the barbershop. “Timepass” we call it in Bombay. But these are hardly questions impacting the nation’s economic and political fortunes. India does not have the luxury of dwelling in trivia-land. For some time now I have been pointing to the serious fragility of India’s growth and prosperity story as the post-1991 engines of prosperity flame out.
Vivek Kaul has recently eloquently shown that the four components of GDP — private consumption, private investment, government activities, a
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