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The Narendra Modi government has been facing criticism from most quarters over its handling of the economy, especially after the latest numbers showed that the official GDP growth rate for the July-September quarter has slumped to a six-year low of about 4.5%.
While the government has said that ...
The former member of the Prime Minister’s Economic Advisory Council says a stimulus package without reforms will only achieve ‘stagflation’.
Official estimates from last week show that India’s Gross Domestic Product growth has slowed from 7% in just four quarters to 4.5%. On Thursday, the Reserve Bank of ...
Demand, supply and growth slowdowns
06/12/2019
For India to complete its development transformation, a switch to a broad-based and more inclusive composition of domestic demand is of the first importance
There is an ongoing debate about whether the current slowdown reflects a demand- or supply-constrained economy. Analytically, this question is pertinent when a slowdown is ...
Minimum Wage Macroeconomics
08/11/2019
The government has taken several policy initiatives to address the current economic slowdown. These important and necessary measures to ameliorate the slowdown have addressed 1) sentiment, 2) the credit pipeline, 3) policy misinterpretations and 4) sector specific issues. However, if, as I have been arguing, the roots of the ...
Fiscal policy and the growth slowdown
16/10/2019
The question then is: On what should government spend this extra borrowing?
Several economists have recently argued for increasing public expenditure, through deficit financing, to address the current growth slowdown. This argument rests on the premise that increased government spending would enhance purchasing power in the hands of consumers ...