India’s nominal GDP grew at an average rate of 14 per cent between 2004-05 and 2009-10. That makes deficits of 10 per cent of GDP quite sustainable.Precisely the point I have been trying to make over the years. How come India's policy-makers and analysts don't get it and go on and on about fiscal consolidation?
Wolf, incidentally, goes on to suggest that the UK vacate its permanent membership at the UN in favour of India:
Exhausted by the burden of its pretensions, the UK should soon offer its seat on the security council of the United Nations to its former colony. Its condition would be that France does the same in favour of the European Union. Whether or not such enlightened statesmanship is forthcoming (presumably not), we are moving into the age of continental superpowers. Asia will be home to not one, but two, of them.
2 comments:
Mr Wolf rarely becomes so impractical
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