“The liberal fiscal spending of the 2004-08 period was made possible both by rising government revenues and national income growth and by relative comfort on the external side. After 2009,these pillars of growth began to wobble. By 2012, they were shaking.”

Indian political commentator and policy analyst

Sanjaya Baru is an Indian political commentator and policy analyst. He served in senior public and institutional roles, including as media advisor and chief spokesperson in the Prime Minister's Office under Manmohan Singh from 2004 to 2008. He later served as Secretary General of the Federation of Indian Chambers of Commerce and Industry until his resignation in April 2018, and before that was Director for Geo-Economics and Strategy at the International Institute of Strategic Studies. His work sits at the intersection of politics, policy, and economics.