The expectations downshift

India’s cup of macro challenges remains full and the brew is becoming more potent. Unfortunately, the country also suffers from tragic local politics. The original task of dealing with inflation has turned into a more complicated problem with multiple but related macro imbalances. The government shows little fiscal responsibility, growth has been crippled, and inflation is firmly entrenched and has affected the rupee as well. And now the drought will add insult to injury.

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