Globe and Mail (Canada): “India leads emerging-market charge at G20”

. . . Surendra Kaushik, a finance professor at Pace University in New York, said the Indian government has yet to lay out a coherent plan for tacking the deficits or overall lagging economic growth. (left: Indian Prime Minister Manmohan Singh)

. . . Surendra Kaushik, a finance professor at Pace University in New York, said the Indian government has yet to lay out a coherent plan for tacking the deficits or overall lagging economic growth.

Prof. Kaushik said that right now, the Indian government is making things worse. This week it passed a $20-billion food security bill, which would subsidize wheat, rice and other cereals for up to 800 million people.

“The government is handing out goodies they don’t have,” Prof. Kaushik said. “Each ministry more or less initiates its own programs. The finance ministry and the planning commission put them in the budget, and then they go to international markets to borrow the needed funds.”

Read the article in the Globe and Mail.

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