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Hard miles on fiscal consolidation crossed; can an overly conservative financing plan undo the gains?

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This appeared in the Times of India on 2 February 2026 (link) Sometimes, boring and predictable is good, if not great. The FY2027 union budget ticks that box.Greater certainty of fiscal and regulatory policies for businesses and investors enables them to take business risk – an essential condition to reduce India’s long-term cost of capital. … Read more

When DMs become EMs

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Neelkanth Mishra | 2 November 2023 This appeared in the Economic Times on 2 November 2023 (link). Nineteen months after the Fed started hiking interest rates, and forecasters issued recession warnings, US growth remains robust, with 2023 forecasts getting upgraded. Economic output in the September 2023 quarter rose a remarkable 4.9% year-on-year, much better than … Read more

Dysfunction in the bond market

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Written by Neelkanth Mishra | Updated: April 6, 2021 8:56:44 am This appeared in the Indian Express on April 6, 2021 (link) Does it even matter what interest rate the government pays on the debt it takes? Interest on government debt is a transfer from taxpayers to savers (who own government bonds), and as the … Read more