An Essay on Fiscal Deficit

I deem it a privilege and honour to be invited to deliver the Kale Memorial Lecture for this year at the Gokahle Institute of Politics and Economics. The Institute is a prestigious one which has rendered over the years yeomen service to the growth and development of social sciences. Rao Bahadur Kale, in whose memory, the Lecture Series have been endowed was a true servant of India and has to his credit many contributions to education, besides the founding of this Institute. I am grateful to Dr. Wadhwa, the Director of the Institute, for having invited me.