The finance minister needed to do three things in the Budget: control the deficit, bring down inflation, and create the conditions for faster economic growth. He can be said to have succeeded substantially, but not wholly. The unfinished task is that the deficit has been left too high, as also market borrowings which go up next year. That does not give the Reserve Bank of India (RBI) the elbow room to drop interest rates sharply, a necessary condition for the revival of private investment and of finance-backed consumption………………
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