ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Grand Bargains and Free Lunches

The debate about 'using' up to $10 billion of the country's foreign exchange for investment in infrastructure is at a stage where all major players, the RBI, ministry of finance and Planning Commission, are locked into their traditional, politically easy and safe positions. Yet there can be little doubt that the present equilibrium is a wasteful one. It would be a grand bargain if the major players were to collaborate and redesign our macro policies to be genuinely supportive of growth and development, but this would have to be an exercise of hard economic and political choices, not a free lunch.

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