A dangerous road map

On Monday, just a day before the second quarter review of monetary policy for the year, Union finance minister P. Chidambaram unveiled the road map for fiscal consolidation. There are reasons to be concerned with this plan. Under the road map, based on the recommendations of the Vijay Kelkar committee, the fiscal deficit in the current year will be slashed from 5.3% of gross domestic product (GDP) to 4.8% in 2013-14.

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