Cut spending, boost investment

After we had successfully tackled the effects of the global financial crisis in 2009, the general euphoria led me to warn about four potential dangers. One, that sustaining growth would be a challenge. Two, a higher fiscal deficit saved us from growth collapse in 2008-09 and ensured faster recovery in 2009, but was politically addictive. It had to be brought back to the sustainable level reached in 2007-08 as soon as growth was restored.

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