Misfortunes rarely come singly. The macroeconomic review of the Reserve Bank of India (RBI) for the third quarter, released in the last week of January, underscored this belief, when it confirmed what has been public knowledge for quite some time now: that the Indian economy is slowing down in the backdrop of recession in the US, Europe and Japan. While growth has been forecasted to decelerate to 6-8% in this fiscal, the slump in economic activity is expected to translate into a decline in tax revenue collections to government's exchequer and a sharp rise in the combined fiscal deficit of the Center and States to over 10.5% of GDP, which is bound to deny the governments the much-needed leeway to come up with fiscal thrusts.

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