WASHINGTON, (PNA/PTI) — India’s recent economic turmoil is due to a neglect of inflation and budgetary discipline and “serious” fiscal adjustments are needed to fix the problem, a noted Indian economist has said.
“As a result of this domestic instability, India’s middle class has been exporting capital in the form of buying gold,” Arvind Subramanian, Peterson Institute’s Dennis Weatherstone Senior Fellow, said.