A corrupt elite is slowing India

Standard and Poor's have downgraded India's credit rating from stable to negative. It has three complaints against India's management of the economy: high fiscal deficit, heavy debt burden and slow reforms. It wants reduction in subsidies, a national service tax and a liberal foreign exchange regime. Considering that not long ago S&P and the other credit rating agencies failed to identify the international crisis with which many countries are still suffering from, we may or may not take its strictures...

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