Minimum Government, Maximum Risks

June 10, 2014

Tough decisions made by Modi in Year 1 will pay off handsomely in Year 5.

Conventional wisdom is that the new government should focus on reducing the fiscal deficit. This writer would like to take a contrarian view. Ronald Reagan ignored the deficit hawks . He went for bold tax cuts and increased fiscal deficits. Reagan’s gamble paid off. The American economy acquired vigor. Growth became the new story, albeit with a time lag. At the end of four years, Reagan was re-elected. The Modi government should perhaps imitate the Reagan administration.

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