Empower the Fiscal, Don't Weaken It - Y.V.Reddy

.....The term I use is fiscal empowerment. In countries like India, you should not look at just reducing the fiscal deficit. In fact, you should have more expenditure. In the future, there will be a greater demand for water, sanitation and public health. Can the private sector provide that? Ultimately, it is the fiscal that gives you the capacity to mitigate risks, handle the financial sector instability etc. So in my book, I argue: Empower the fiscal, don’t weaken it.........

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