The best indicator of the fiscal stimulus is the abrupt increase in expenditures in 2008-09 from the original budget estimates
Another measure of the stimulus operative is the sharp increase in transfer to states. Interestingly this has grown considerably during the tenure of the present government.
Tax revenues have grown nicely over the past few years, and direct taxes form more than half all the taxes.
But taxes as a share of GDP is still very low and needs to go up substantially to reach the levels of even China. With GDP growing at near double digit rates, the tax buoyancy has to be truly spectacular for it to increase as a share of GDP.
Despite all talk of private investments in infrastructure and PPP, the private sector remains a very small player.