Aug 22: India Inc’s austerity moment

http://www.thehindubusinessline.com/opinion/columns/harish-damodaran/india-incs-austerity-moment/article5042244.ece?homepage=true HARISH DAMODARAN The word ‘austerity’ is normally associated with cutbacks by spendthrift governments when faced with unsustainable fiscal imbalances. A corollary to this is the belief — rather ideology — that governments are solely responsible for macroeconomic or external payment crises. Thus, current account deficits (CAD) are invariably caused by government dis-savings or over-consumption […]