This article contends that we will have to learn to live with budget deficits of 6% plus of GDP, accept that the economy will grow slowly, that our rate of inflation will be persistently higher than our competitors and that the rupee will continue to be under pressure. And these macro indicators simply reflect the structural and systemic crises resulting from weak political and economic governance, poor work ethics and deferral of long overdue fundamental reforms. Getting out of this mess will take some doing. It will be particularly agonizing for a new government taking office on heightened expectations. With the future of our balance of payments looking grim the country has little choice but to sign a new and difficult programme with the IMF; as night follows day we will be knocking on their doors before the year is out. Let’s look at the indicators for this year that manifest these structural issues. Following the last NFC Award the provincial share in taxes will be in exces...