Fiscal space: Not if but how

Extraordinary circumstances ca­ll for extraordinary responses. The Covid-19 crisis is nothing if not extraordinary. Re­sponses are imperative to deal with the health crisis, cushion the hundreds of millions workers and households that have lost livelihoods, and protect firms against the collapse of business in virtually all non-essential sectors. With the private sector collapsing, the government’s role will be pivotal. But does the Indian government have the fiscal me­ans, especially when revenues are also declining? In truth, this is a rhetorical question: One way or the ot.....

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