ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Not Impressed

HOIST by his own petard, the finance minister has been. Having made a fetish of bringing down the fiscal deficit and claiming, as a sort of crowning glory at the end of his speech presenting the 1997-98 budget, that he "had not wavered in [his] commitment to continue on the course of fiscal correction", P Chidambaram must have expected his efforts to be warmly received by his ideological bedfellows. But whereas his budget, to begin with at least, seemed to be quite well regarded by communist party members of the Indian parliament, IMF-World Bank circles in Washington do not appear to have been overly impressed.

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