"The secret to creativity is knowing how to hide your sources."
- Albert Einstein
Directions(1 to 10):In the decade since reforms were introduced, India
has achieved substantial success in the sphere of
macroeconomics. Overall growth rate has been (1)
except for the last couple of years. It bears pointing
out that we have now come to view a 6 per cent (2)
rate as a slowdown! This is a far cry from pre-reforms
rate of growth of 3 per cent. The price level has by and
large remained (3) both as measured by the WPI and
CPI . Indi a’s (4) of payments posi tion has been
comfortable. Exports, while (5)some sluggishness this
fiscal, have been growing. Imports, in spite of (6)
liberalisation, have not gone out of hand. This is amply
reflected in the comfortable current account deficits
(CAD); the CAD-to-GDP ratio has remained way below
the crisis (7) that it had achieved in 1991. The rupee
has weathered external turbulence rather well even
when East Asia was experiencing (8) difficulties.
However, the one unambiguous Achilles’ heel of
the reforms has been the (9) state of government
finances. One of the two crises that India faced in
1990-91 was the unsustainable imbalance between
government revenues and (10).