The aftermath of financial crisis has created concern over higher levels of government deficit in both developed and developing countries. The emergence of BRICs may not be sufficient to sustain global growth in case of widespread `PIIGS' phenomena. India's commitment to rationalize the taxation system via Direct Tax Code, GST are just some of the measures to control the fiscal deficit.

"...Only after I took office, however, I discover that our predecessors had concealed the deficit's true size—12.7% of gross domestic product, twice what they had claimed" - said George Papandreou, the Prime Minister of Greece, explaining the current situation in Greece in International Herald Tribune (March 10, 2010).

The recent (ongoing!) financial crisis and recession have made the term BRIC (Brazil, Russia, India and China) a common phrase. As the world is struggling to recover from financial crisis (for which the greedy and reckless behavior of the bankers was held responsible), burgeoning government debt gave birth to new term—PIIGS (Portugal, Italy, Ireland, Greece and Spain) and PIIGS cannot fly! Meanwhile, India barely escaped the wrath of global rating agencies (such as Moody's, S&P) as the Union Budget estimated `manageable fiscal deficit' and a `committed plan towards keeping deficit' under control.

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