That means that the Reserve Bank of India – which has hiked its benchmark policy rate 13 times since the start of 2010 to deal with a still-serious inflation problem – can ill afford to ease monetary policy. Moreover, an outsize consolidated government budget deficit of around 9% of GDP limits India’s fiscal-policy discretion.
但真正的问题是和中国相比，印度政府的政策回旋余地远没有那么大。首先，卢比几乎陷入了自由落体。这意味着从2010年伊始就开始上调基准政策利率13倍以应对依然严重的通胀局面的印度储备银行很难切实放松货币政策。此外，政府综合大规模预算赤字占到GDP的9%左右，这严重限制了印度财政政策的自由。