..........How big should the Government’s spending commitments (subsidies, deficits) be? What should be the Government’s tax and revenue policy? Do we have a national policy on tariffs/user costs for key infrastructure such as power, roads, water, transport fuels, gas? How do we plug the overall spending gaps in the national budget? What is the role of the RBI in that process? Does the RBI have an objective with respect to the macro-economy? If India does not answer these questions, we will have a repeat of what has happened in the past decade .........
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