‘Only austerity will not address shortage of dollars’: Economist Ajit Ranade interview

The rupee is hitting a new low every day, fuel prices are up, investors are pulling out money and PM Modi is appealing for austerity. What does this mean for the India story? In this conversation, economist Ajit Ranade talks about the extent of the challenges facing the Indian economy, including the flight of foreign capital, how long this is likely to last and the steps the government needs to take. He also discusses whether the PM’s austerity appeal serves any purpose apart from photo-ops for politicians and why Modi is asking you to avoid that foreign holiday.