As a contributing writer to MarketExpress.in, my first post was published today. It is a commentary on Union Budget, which has focused more on fiscal consolidation than populism. India has very limited room for fiscal profligacy. The Finance Minister rightly said that February 28 is one day in life of the nation. My pre-budget column for Moneycontrol.com had similar opinion. A credible fiscal deficit is the necessary condition for India but not a sufficient condition to bring the economy back on growth path. The sufficient condition lies beyond the budget. It is the revival of animal spirit that will matter in India's recovery from dead-low growth point.
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