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...No government should aspire to live beyond its means. If it does, the consequences can be severe: higher inflation, higher interest rates, low private investment and lower growth. India’s current government has justly been praised for its fiscal restraint. It’s reduced the overall fiscal deficit and reoriented spending away from wasteful programs such as fuel subsidies and toward more productive investments in infrastructure. What it hasn’t done, however, is deliver the sustained high growth of over 8% that India needs. To do so may require loosening the purse strings. It’s important to remember why the Indian economy is struggling. Some analysts argue that the slowdown is a recent phenomenon, sparked by the government’s decision last fall to withdraw 86% of banknotes from circulation and the introduction this past summer of a nationwide goods and services tax. ...Live Mint on Oct. 9, 2017, 9:16 a.m.