Three words. Sithanen flat tax. As it never produced the higher growth rates (8%) our central government has been piling up so much debt – increasing from a total of Rs106bn to Rs278bn between 2005 and 2018 – that it had to resort to creative accounting, push up the debt ceiling several times and has failed to solve many national problems. The USD has also appreciated by one-third against our rupee over the past 15 years. Not a good sign. Definitely not what you’d expect from a Tiger. But pandemics have such a way of bringing back sanity.
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