India: Why Fiscal Adjustment Now

0.5 percent 8th Plan accelerated Acharya average balance sheet Bank of India base billion borrowing budget capital account capital expenditure capital inflows current account deficit debt stock debt/GDP ratio Delhi deterioration domestic assets Economic Eighth Plan period external debt external vulnerability February financial repression financial sector fiscal adjustment fiscal reform foreign exchange reserves GDP deflator government debt government securities gross fiscal deficit growth and poverty growth rate guarantees increase interest payments international liquidity issued keep inflation low long-run growth low interest rates lower lows in interest macroeconomic Mumbai needed Ninth Plan period nominal interest rate percent of GDP points of GDP poverty reduction power sector primary deficit private investment private sector projections provident funds public finances real interest rate record lows reform scenario Reserve Bank revenue deficit revenues fell SEB losses second half seignorage spending structural reforms Suresh Tendulkar sustainability Table trilemma World Bank 2003