The UPA’s ‘reforms’ are impelled by alarmism and have an element of window-dressing

It is necessary to place the Congress-led UPA government’s sudden talk of economic reform in context. On 31 August, India’s Controller General of Accounts released figures that said the fiscal deficit for the first four months (1 April-31 July) of 2012-13 had reached 51.5 percent of the Budget estimate for the entire year. Presenting the Budget in March, the finance minister had committed to a fiscal deficit of 5.1 percent of GDP.

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