combination of direct import controls on inessential
items, reduction of petro-product prices, measures
for reducing the consumption of such products, and
direct taxation, especially on wealth, is the obvious
way of getting out of the tailspin in which the Indian
economy is currently caught. There is no alternative
to these measures if we are to avoid the fate of countries
that eventually run to the IMF and get caught in the
vice-like grip of "austerity".
This article was originally published in The
on September 23, 2018.