A non-financial newspaper broke the news. It front-paged a story that foreign debts to be repaid in the next nine months plus deficits on trade account for oil imports will consume most of our reserves. Was it not possible to foresee this? After all, we have always had a Finance Minister, a Finance Ministry with a slew of bureaucrats and advisers, an Economic Advisory Council to the PM, a Planning Commission and the RBI, not to mention the several Government and RBI-funded thinktanks — establishments (with sensor-driven toilets) costing taxpayers hundreds of crores of rupees every year...................
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