Apropos Shankar Acharya’s interview, what he refers to as bad policies or what could, in aggregate, be descibed as the socialist agenda, will over time push structural inflation from 5 per cent to 7 per cent and reduce the growth rate from 8 per cent to 6 per cent, a process well under way. Aiding this is the growing aversion to productive impulse.
Ashok Lal, Mumbai
Matchboxes are now cheaper, cigarettes costlier. So which shall we smoke now?
A.K. Ghai, Mumbai
What Dr. Shankar Acharya refers to as bad policies or what could, in the aggregate, be called the social sector / socialist agenda will, over a period of time, push structural inflation from 5% to 7% and reduce the growth rate from 8% + to 6% + , a process well underway. Aiding this is the growing aversion and intolerance to productive impulses, always a latent emotion, seen most strongly in the mining sector.
The 1997 East Asian crisis had pushed tens of millions of Indonesians back below the poverty line. How things play out in India remains to be seen but even if a Greece like situation does not develop, the greatest price will be paid by the poor. They are unlikely to applaud the breakdown of hope when it is time to press the EVM button.
If India's fisc is completely out of whack, it is certainly not for want of good economic advice from people within and outiside the government.
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