.....Before turning to evaluate the realism of the new road map, it is pertinent to highlight one little-remarked perspective on the trajectory of fiscal deficits in India. At least for the last decade, we have two different official series, one published by the Reserve Bank of India (RBI) in its various publications and the other by the Prime Minister’s Economic Advisory Council (PMEAC). The numbers are pretty much the same except for the four years 2005/06 to 2008/09. In each of those four years, and especially in 2008/09, the fiscal deficit of the Centre, as well as the combined one (Centre and states), cited by the PMEAC is significantly higher than that shown by the RBI........
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