Heading for elections in winter?
It is tempting to compare the current economic scenario with the situation that prevailed in 1991 — a landmark year that witnessed the confluence of three highly debilitating developments that gave rise to an unprecedented macroeconomic crisis in India. Fiscal indiscipline, a precarious balance of payments situation and political instability brought the Indian economy to a grinding halt. The crisis eventually forced the government to introduce a series of reform measures that in the following few years brought the economy back on the path of fiscal consolidation and stability in the balance of payments.
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