Dr Haseeb Drabu, as economist has expressed his views on Indian economy and has taken a dig at the budget and the borrowing programmes which were known to fail and his free and frank opinion on the same is as appended below:
Of course, it was written right from the word go when the budget was presented that there was a huge underestimation of the borrowing because the numbers were looking all over the place and the provisions on subsidies for instance hadn’t been made adequately. From thereon it’s become increasingly evident that the borrowing program is going to overshoot what was targeted. The way the growth has panned out over the last six - eight months there is obviously a collection shortfall will be there plus of course the old issue on oil and oil prices. There is no doubt that it is going to be overshooting the targets by a long way. Given the nature of policymaking now which is in some ways ad hoc and arbitrary and in some ways kneejerk the markets obviously have to be worried about this fact.
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