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Other countries should take notes on the fiscal pump-priming in India. Will it blow up the federal budget or save slowing growth?
From an economic policy-making standpoint, you have to hand it to the Narendra Modi-led government of India. When you think everything has been said and done on a particular matter, they find a way to surprise you. Unfortunately, at times, that has led to missteps like demonetization. For a change, though, the government made a brilliant move, in my opinion, by fiscal pump-priming the economy