How credible is the fiscal math?
Two issues continue to scare economists - the large size of the government's borrowing programme, indicating over Rs 6 lakh crore of gross borrowings, and how believable is the fiscal math given the government's assumption of generating Rs 22,800 crore from auction of spectrum. Besides, sub-issues like the government's hopes to lower subsidies spending by 0.6 per cent keep experts wary of policymakers' take in the times ahead.
