Dr Duvvuri Subbarao is a former governor of the Reserve Bank of India.
India’s fiscal story can no longer be read through the Union Budget alone. State borrowing and spending now shape growth, interest rates and macroeconomic stability.
Duvvuri Subbarao
January 20, 2026 at 3:30 AM IST
Atmanirbhar Bharat has shown flashes of true resilience, yet risks sliding into protectionist déjà vu. India must decide if self-reliance means global ambition or insular retreat.
August 19, 2025 at 12:23 PM IST
iStock.com