With the 2014 general elections and the inauguration of a new government on the horizon, it is anticipated that improving budget deficit will not be easy. However, the next government and politicians must overcome the temptations of populism. As much as it has benefitted from the U.S.’s quantitative easing, it would not be fair to complain about the tapering now. It would be better to just remind itself once again that there is no such thing as free lunch. India should take this crisis as an opportunity to strengthen its fundamentals, deregulate and improve the competitiveness of its manufacturing industry. Whether India will remain the top contender among the emerging economies or fall into the abyss of confusion and disappointment depends not so much on the U.S.’s quantitative easing as the choices it will be making.