The Indian economy at present needs to achieve these twin objectives; any divergence between them would nullify the positive gains realised from the other, says Suresh Babu. T he electoral mandate for the present government is mainly to revive growth in a tepid economy. The government’s approach so far has been in terms of incremental changes in policy reforms with some ‘path dependence’ and only the occasional departure. The expectation from policy, however, including from the last Union Budget, was a radical departure – the sort signalled by the replacement of the Planning Commission with the NITI Aayog. The government itself built an aura of ushering in big reform with the sporadic unveiling of ’emblematic’ changes. The prevailing economic situation being favourable – lower oil prices, a slowdown in inflation and nascent recovery in growth – seemed to provide an ideal platform. Perhaps the single biggest challenge of economy policy for the government over the Budget session is to outline an approach to increase the rate of investment in the economy. All strands of economic theory emphasise the role of investments in accelerating growth and employment generation. The Indian economy at present needs to achieve these twin objectives; any divergence… Read full this story
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