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India's economy is hampered by slow growth, a widening current account deficit, and a depreciating rupee -- a combination of problems with no easy fix. Making matters worse, the immediate cause of these problems doesn’t lie in India, but the United States.
The recent G-20 meeting in Toronto ended with the world's largest economies promising to cut deficit spending. But such a course is unwise and unlikely to lead to growth -- it is time for finance ministers to take on the speculators who are calling for retrenchment.