No dearth of democratic deficits, at home and abroad

Pranab Mukherjee’s “do nothing” budget is only notable for heralding the return of India’s predatory state — with retrospective taxation of direct foreign investments, and reintroduction of various notorious aspects of Fera — and for confirmation that India is continuing along the primrose path of creating a premature welfare state. With falling domestic savings, the gap with domestic investment (mirrored in the growing current account deficit) is to be filled ...

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