Post-Covid stock market returns fuelled by high fiscal deficit: Shankar Sharma

Capex led growth is ultimately the same growth model that China followed the same growth model that Japan followed in the nineties, and it always ends badly because you end up building a very high public debt to GDP number, you end up building very high fiscal deficits. As a result, when you ratchet down the deficit, as the government has promised it will, growth just collapses