We know that things are going badly on the fiscal front [link, link]. On 13th, Indian Express carried a story about Congress politicians requesting an abandonment of FRBM targets given the coming elections. (See this edit also). And, the politicians haven't even brought up the 6th pay commission.
When I was at MOF, Vijay Kelkar used to endlessly evangelise on the need to `fix the roof while the sun is shining'. While India has made progress on the fiscal crisis, this progress is disappointingly small considering that we have had an unprecedented business cycle upturn over the 2002-2008 period. It will be so much harder to achieve fiscal progress under more challenging macroeconomic circumstances.
In these difficult times, a professional Debt Management Office will help.