When the Reserve Bank of India did not read any thing substantial in the two-page statement on fiscal consolidation, Finance Minister P. Chidambaram thought it was time for silence. But the silence after announcement of much hyped five-year road map for fiscal consolidation can speak volumes. The reason is simple. Everybody wants to know, first, how credible this road map is, second, what is the action plan for this fiscal consolidation and third, does history support Chidambaram’s optimism?........
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