The low growth we are now experiencing is self-inflicted as it has been due to bad policies. You can sort of justify the fiscal deficit in 2008-09 because of the global crisis and so on, and perhaps also in 2009-10, but we should have really exited from this kind of loose fiscal policy at least two years ago. One reason we failed to do that is because the so-called fiscal stimulus of those earlier years was not really a fiscal stimulus. It was simply a ramping up of two kinds of populist spending. Firstly, the large subsidies, particularly on petroleum products; secondly, because of the ramping up of populist programmes, whether it was rolling out the NREGA scheme, or the Sixth Pay Commission, or the farmers’ loan waiver, or the Right to Education Bill, or the now pending Food Security Bill. We have to reverse some of these bad policies in order to revive growth. Fiscal deficit is not the only story.