Dear reader,

We have just issued the following publication "Current Issues":

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India's public finances: Do they matter?

India's general government deficits and public debt have remained high despite
faster economic growth in recent years and periodic attempts to instil greater
fiscal discipline. Modest fiscal tightening at the centre has been offset by
significant fiscal slippages at the states level, leaving the general government
deficit largely unchanged as a percentage of GDP. Expectations that India could
attain Chinese-style rates of expansion are possible, if only fiscal
consolidation were taken more forcefully and dependence on household savings and
domestic capital markets were reduced.

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