......C Rangarajan, a former Governor of the Reserve Bank of India and now the head of the PM's Economic Advisory Council,
also warned that India's fiscal and current account deficits were high
and the country risks international censure in the form of downgrades by
ratings agencies if no action is taken to tame the deficits. "If we did
not act now, there would be a much bigger problem ahead of us," said
Rangarajan, an economist of international repute not usually known for
alarmist talk.......
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