New Delhi, June 2 -- The fiscal policy-led rescue of India's economy from the covid shock has been impressive, even though its pace of expansion slowed to 6.5% in 2024-25, as provisional data shows, after a three-year run averaging above 8.8%.

Last year's rate of GDP growth dropped below the path demanded by Viksit Bharat, but the second half's acceleration reveals a grip on its gear-stick held by the government through public expenditure. How long, though, will state support last?

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Last year's fiscal gap was under 4.8% and this year's 4.4% goal is achievable. After that, public debt will be adopted as the official gauge to constrain risky over-spending....