Experience tells that there is always a reason to postpone fiscal savings and that fiscal policy is often procyclical. So the only appropriate response to these experiences is having suitable fiscal rules and following them over the full cycle. Yes, there is the risk of doing the wrong things.
I am grateful to our Finance Minister, Shri P. Chidambaram who supported and encouraged us in the RBI for pursuing this work in conjunction with revisions in the Ombudsman Scheme. Finally, I am thankful to Smt. Udeshi for agreeing to chair the Board and build the institution.