The making of a predatory state

On Monday, Union finance minister Pranab Mukherjee deferred the general anti-avoidance rules (GAAR) for a year. The behaviour of the markets in the next three days showed that the deferral of this toxic measure did not gain much traction. The government’s determination to tax Vodafone has not helped matters. If anything, it is likely to keep markets and foreign investors jittery.

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