In a recent letter to The Economic Times, economist TT Ram Mohan highlights concerns about India's fiscal approach. He points out that the tax-GDP ratio measures structural fiscal health and suggests the Finance Minister should reconsider the medium-term debt-to-GDP target. Mohan finds it puzzling that the government is cutting income tax rates, which could significantly reduce revenues. "If oil breaches $75-$80 per barrel," he warns, "the Finance Minister will have to hike petro-product prices and borrow more." Many sectors, including FMCG, are already raising prices sharply due to higher excise duties and fuel taxes. High government borrowings, tight monetary policies, and a fiscal strategy dependent on uncertain disinvestment and spectrum auction proceeds pose risks. These factors may dampen private investments during 2010-11. This cautionary note comes just as India faces multiple economic challenges, pressing the government to reconsider its fiscal roadmap.