Learn the right lesson from FDA and FAA actions

Given the renewed emphasis on controlling the fiscal deficit, it is tempting to think India’s government is way too large. That, however, is a fallacy since, if the government looks too large, it is only in relation to its ability to garner revenues—were GST to be introduced and tax revenues rise by another couple of percentage points of GDP, the size of government could rise by that much without causing a problem in terms of a higher fiscal deficit.

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