EVEN the blinkered BJP government sees the need for a fiscal policy that would stimulate the economy by increasing government expenditure; but it finds itself in a bind since it does not know how to finance such larger government expenditure. Simply spending more by borrowing, that is, by enlarging the fiscal deficit, is frowned upon by international finance capital, and our government, notwithstanding its much advertised “hyper-nationalism”, does not have the gall to violate the dictates of globalised finance.