India, Jan. 29 -- Instead of the 'Big Short,' India needs to think in terms of the 'Big Long.' In other words, instead of opting for big things for the short term, the country must choose big things for the longer term. This implies that the forthcoming Union Budget needs to be proactive, rather than merely reactive, and pronounce a long-term vision and mission, rather than go for myopic announcements that look grand, but are rapidly changed within a year by the next Budget. This is the insight provided by Raghuram Rajan, the former central banker, in a recent interview. He feels that India needs to get out of its comfortable shell, which is based on the current high growth rates, being the fastest-growing major economy, low inflation, an...