2013 is not 1991; but it feels much worse and matters more

We are repeatedly told that 2013 is not 1991, the year of near external bankruptcy which put India on the road to reform and rejuvenation. The latest to tell us this is Kaushik Basu, Chief Economist at the World Bank, and during whose tenure as chief economic advisor in the finance ministry inflation stayed stubbornly high, the fiscal deficit hit the roof, and the current account deficit (CAD) went from bad to worse.

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