India's Finance Minister: From Mild Mannered To Man Of Action
Indian Finance Minister Yashwant Sinha is a worried man. In January, Sinha warned that India was facing an "intractable" budget deficit. He called for drastic cuts in subsidies and other government expenditures to prevent a crisis. In a bold admission, Sinha blamed India's populist policies and the inability of even his own party--the ruling Bharatiya Janata Party--to make tough decisions to reduce spending. Recently, the former socialist expressed extreme unhappiness with the economy's 5.5% growth rate, saying India needs 7% or 8% to reduce its high level of poverty.
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