World Bank chief economist Kaushik Basu, who used to advise the finance ministry on major economic issues from mid-2009 to mid-2012, says it needs to loosen a bit on the fiscal side to propel economic growth. The Keynesian advice comes after Finance Minister P Chidambaram has said he considers the fiscal deficit at 4.8 per cent of gross domestic product in 2013-14 as a ‘red line’.................
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