Word: takahira
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Dates: during 2000-2009
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...agricultural subsidies, losses incurred by state-owned enterprises and an oversized bureaucracy, India's fiscal deficit has expanded alarmingly; the combined state- and central-government deficits have grown from 7.6% of GDP in 1996 to nearly 10% this year. The Indian government's rising deficits "are not sustainable," warns Takahira Ogawa of Standard & Poor's rating agency. Although interest rates are at a three-decade low, the government's debt is so large that interest payments eat away nearly half of revenues, leaving less money to spend on roads and power generation...