Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
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Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        LATEST NEWS UPDATES | An unexceptional economic performance -Pulapre Balakrishnan    </title>
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-The Hindu

It is now clear that the Indian economy is moving along a lower growth path

At the end of May the Central Statistics Office (CSO) released much-awaited estimates of national income for the final quarter of the 2017-18 financial year...."/>
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-The Hindu

It is now clear that the Indian economy is moving along a lower growth path

At the end of May the Central Statistics Office (CSO) released much-awaited estimates of national income for the final quarter of the 2017-18 financial year...." />
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                            <div align="justify">-The Hindu<br /><br /><em>It is now clear that the Indian economy is moving along a lower growth path<br /></em><br />At the end of May the Central Statistics Office (CSO) released much-awaited estimates of national income for the final quarter of the 2017-18 financial year. The timing coincided with the completion of four years in office of the National Democratic Alliance (NDA) government. In a propaganda blitz, surging through the Net, the government embraced the GDP figures to declare that it has successfully &ldquo;accelerated growth&rdquo;. However, while this holds true for the past few quarters it does not when the past four years are taken into the reckoning. The facts are that the annual rate of growth since 2014 has first risen and then declined. By 2017-18 growth at 6.6% was less than the 6.9% it was in the final year of the second United Progressive Alliance (UPA) government.<br /><br /><em>Along which horizon?<br /></em><br />So how you see the growth performance of the economy under Prime Minister Narendra Modi depends on the horizon chosen. When you take a view longer, you see that on average annual GDP growth in these years is, thus far, no higher than what it was earlier. Actually, by a certain calculation, it is exactly the same but such precision is hardly necessary to conclude that the NDA has not done much better than its predecessor as far as the growth of the economy is concerned. There are of course other aspects of an economy that should legitimately be of our concern but this government has generally prioritised production as reflected in its attention to the &lsquo;ease of doing business&rsquo; and its flagship programme &lsquo;Make in India&rsquo;. It is indeed right that there should be focus on production, as incomes are low in India and the expansion of employment is a function of the growth of output. However, growth has not taken off under this government in a way that was anticipated during the election campaign of 2014. The accelerating growth in the most recent quarters may be placed in perspective as follows: the economy is accelerating along a lower growth path. Further, and it needs recognition, that the Modi government had inherited a strongly accelerating economy.<br /><br />The reason for the lack of success in accelerating growth may be understood by a claim regarding the performance of the government by a leading member of the Prime Minister&rsquo;s Economic Advisory Council made soon after the CSO&rsquo;s announcement. He claimed that the four-year period just past had seen more reforms than ever in India&rsquo;s history, citing the demonetisation and GST as instances. Even without accepting less charitable descriptions of demonetisation, such as that it shook confidence in the currency, it is questionable whether any of the changes since 2014 compare with the reforms of 1991. The latter altered the policy regime in a way that the recent changes have not. Anyway, the question remains as to why the economy has not responded with alacrity to reforms that were supposedly so significant. Some factors may be identified, all of which point to the role of demand. The reforms since 2014 have mostly focussed on the supply side of the economy.<br /><br />The first factor alluded to above is macroeconomic policy. We have seen four years of contractionary macroeconomic policy. The only question is whether the government is unable to see this or that it has stubbornly persisted with what it believes to be a virtue. Let us take the fiscal and monetary policy stances in turn. As part of a tacit all-party agreement, the fiscal deficit has been lowered over the past nine years. Fiscal consolidation, as this drive is tendentiously referred to, lowers aggregate demand. Its votaries claim that &lsquo;crowding out&rsquo; will work in reverse to boost private investment, thus restoring the original position. This has not happened yet, and a decade is a long enough time to have allowed it to play out if it is inevitable. There is a way of dealing with the demand-contracting effects of fiscal consolidation. That is, to bring about expenditure switching in the government budget, whereby expenditures with high multiplier effects are privileged over those with a lower potential on this score. For instance, the government can change the composition of capital outlay and subsidies, expanding the former at the expense of the latter. The government has not done it, instead sticking to the extant subsidy regime, showing itself to be no less political from its predecessor in this regard.<br /><br /><em>Budgetary strategy<br /></em><br />Two points may be made about the Modi government&rsquo;s budgetary strategy. First, over the five budgets it has presented, it has maintained the share of capital expenditure but this has occurred alongside a declining total expenditure, perhaps motivated by the pursuit of &lsquo;less government&rsquo;. The net effect of these is a slightly lower budgetary capital outlay as a share of GDP. Second, the rate of growth of &lsquo;government final consumption expenditure&rsquo; has been steadily increased. The growth implications of such a strategy are obvious.<br /><br />What about monetary policy? Here we have been observing a stance not just contractionary but one bordering on the reckless. Though producer price inflation has continued its downward trend since 2014, the policy rate of the Reserve Bank of India has not kept pace, raising the real cost of borrowing. While there has been self-congratulation on the part of government that it engineered a shift to inflation targeting as the alpha and the omega of monetary policy in India, there is insufficient acknowledgement that when faced with food price inflation the mechanism works by sacrificing output. The latter feature is either ignored, or, worse still, actually rationalised as optimal. The irony is that while India finally has &lsquo;inflation targeting&rsquo; it does not yet have an effective anti-inflationary policy, which would be to ensure food supply at steady price.<br /><br />Please <a href="http://www.thehindu.com/opinion/lead/an-unexceptional-economic-performance/article24116622.ece" title="http://www.thehindu.com/opinion/lead/an-unexceptional-economic-performance/article24116622.ece">click here</a> to read more. <br /></div>                                                           
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    <br><a href="http://www.thehindu.com/opinion/lead/an-unexceptional-economic-performance/article24116622.ece" class="re" target="_blank">The Hindu, 9 June, 2018, http://www.thehindu.com/opinion/lead/an-unexceptional-economic-performance/article24116622.ece</a><div class="clear"></div>
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        LATEST NEWS UPDATES | An unexceptional economic performance -Pulapre Balakrishnan    </title>
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It is now clear that the Indian economy is moving along a lower growth path

At the end of May the Central Statistics Office (CSO) released much-awaited estimates of national income for the final quarter of the 2017-18 financial year...."/>
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It is now clear that the Indian economy is moving along a lower growth path

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    <h1 class="cat-box-title">An unexceptional economic performance -Pulapre Balakrishnan</h1>
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		 Published on</span><span class="text-date"> Jun 9, 2018</span>
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                            <div align="justify">-The Hindu<br /><br /><em>It is now clear that the Indian economy is moving along a lower growth path<br /></em><br />At the end of May the Central Statistics Office (CSO) released much-awaited estimates of national income for the final quarter of the 2017-18 financial year. The timing coincided with the completion of four years in office of the National Democratic Alliance (NDA) government. In a propaganda blitz, surging through the Net, the government embraced the GDP figures to declare that it has successfully &ldquo;accelerated growth&rdquo;. However, while this holds true for the past few quarters it does not when the past four years are taken into the reckoning. The facts are that the annual rate of growth since 2014 has first risen and then declined. By 2017-18 growth at 6.6% was less than the 6.9% it was in the final year of the second United Progressive Alliance (UPA) government.<br /><br /><em>Along which horizon?<br /></em><br />So how you see the growth performance of the economy under Prime Minister Narendra Modi depends on the horizon chosen. When you take a view longer, you see that on average annual GDP growth in these years is, thus far, no higher than what it was earlier. Actually, by a certain calculation, it is exactly the same but such precision is hardly necessary to conclude that the NDA has not done much better than its predecessor as far as the growth of the economy is concerned. There are of course other aspects of an economy that should legitimately be of our concern but this government has generally prioritised production as reflected in its attention to the &lsquo;ease of doing business&rsquo; and its flagship programme &lsquo;Make in India&rsquo;. It is indeed right that there should be focus on production, as incomes are low in India and the expansion of employment is a function of the growth of output. However, growth has not taken off under this government in a way that was anticipated during the election campaign of 2014. The accelerating growth in the most recent quarters may be placed in perspective as follows: the economy is accelerating along a lower growth path. Further, and it needs recognition, that the Modi government had inherited a strongly accelerating economy.<br /><br />The reason for the lack of success in accelerating growth may be understood by a claim regarding the performance of the government by a leading member of the Prime Minister&rsquo;s Economic Advisory Council made soon after the CSO&rsquo;s announcement. He claimed that the four-year period just past had seen more reforms than ever in India&rsquo;s history, citing the demonetisation and GST as instances. Even without accepting less charitable descriptions of demonetisation, such as that it shook confidence in the currency, it is questionable whether any of the changes since 2014 compare with the reforms of 1991. The latter altered the policy regime in a way that the recent changes have not. Anyway, the question remains as to why the economy has not responded with alacrity to reforms that were supposedly so significant. Some factors may be identified, all of which point to the role of demand. The reforms since 2014 have mostly focussed on the supply side of the economy.<br /><br />The first factor alluded to above is macroeconomic policy. We have seen four years of contractionary macroeconomic policy. The only question is whether the government is unable to see this or that it has stubbornly persisted with what it believes to be a virtue. Let us take the fiscal and monetary policy stances in turn. As part of a tacit all-party agreement, the fiscal deficit has been lowered over the past nine years. Fiscal consolidation, as this drive is tendentiously referred to, lowers aggregate demand. Its votaries claim that &lsquo;crowding out&rsquo; will work in reverse to boost private investment, thus restoring the original position. This has not happened yet, and a decade is a long enough time to have allowed it to play out if it is inevitable. There is a way of dealing with the demand-contracting effects of fiscal consolidation. That is, to bring about expenditure switching in the government budget, whereby expenditures with high multiplier effects are privileged over those with a lower potential on this score. For instance, the government can change the composition of capital outlay and subsidies, expanding the former at the expense of the latter. The government has not done it, instead sticking to the extant subsidy regime, showing itself to be no less political from its predecessor in this regard.<br /><br /><em>Budgetary strategy<br /></em><br />Two points may be made about the Modi government&rsquo;s budgetary strategy. First, over the five budgets it has presented, it has maintained the share of capital expenditure but this has occurred alongside a declining total expenditure, perhaps motivated by the pursuit of &lsquo;less government&rsquo;. The net effect of these is a slightly lower budgetary capital outlay as a share of GDP. Second, the rate of growth of &lsquo;government final consumption expenditure&rsquo; has been steadily increased. The growth implications of such a strategy are obvious.<br /><br />What about monetary policy? Here we have been observing a stance not just contractionary but one bordering on the reckless. Though producer price inflation has continued its downward trend since 2014, the policy rate of the Reserve Bank of India has not kept pace, raising the real cost of borrowing. While there has been self-congratulation on the part of government that it engineered a shift to inflation targeting as the alpha and the omega of monetary policy in India, there is insufficient acknowledgement that when faced with food price inflation the mechanism works by sacrificing output. The latter feature is either ignored, or, worse still, actually rationalised as optimal. The irony is that while India finally has &lsquo;inflation targeting&rsquo; it does not yet have an effective anti-inflationary policy, which would be to ensure food supply at steady price.<br /><br />Please <a href="http://www.thehindu.com/opinion/lead/an-unexceptional-economic-performance/article24116622.ece" title="http://www.thehindu.com/opinion/lead/an-unexceptional-economic-performance/article24116622.ece">click here</a> to read more. <br /></div>                                                           
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    <br><a href="http://www.thehindu.com/opinion/lead/an-unexceptional-economic-performance/article24116622.ece" class="re" target="_blank">The Hindu, 9 June, 2018, http://www.thehindu.com/opinion/lead/an-unexceptional-economic-performance/article24116622.ece</a><div class="clear"></div>
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It is now clear that the Indian economy is moving along a lower growth path

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    <h1 class="cat-box-title">An unexceptional economic performance -Pulapre Balakrishnan</h1>
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                            <div align="justify">-The Hindu<br /><br /><em>It is now clear that the Indian economy is moving along a lower growth path<br /></em><br />At the end of May the Central Statistics Office (CSO) released much-awaited estimates of national income for the final quarter of the 2017-18 financial year. The timing coincided with the completion of four years in office of the National Democratic Alliance (NDA) government. In a propaganda blitz, surging through the Net, the government embraced the GDP figures to declare that it has successfully &ldquo;accelerated growth&rdquo;. However, while this holds true for the past few quarters it does not when the past four years are taken into the reckoning. The facts are that the annual rate of growth since 2014 has first risen and then declined. By 2017-18 growth at 6.6% was less than the 6.9% it was in the final year of the second United Progressive Alliance (UPA) government.<br /><br /><em>Along which horizon?<br /></em><br />So how you see the growth performance of the economy under Prime Minister Narendra Modi depends on the horizon chosen. When you take a view longer, you see that on average annual GDP growth in these years is, thus far, no higher than what it was earlier. Actually, by a certain calculation, it is exactly the same but such precision is hardly necessary to conclude that the NDA has not done much better than its predecessor as far as the growth of the economy is concerned. There are of course other aspects of an economy that should legitimately be of our concern but this government has generally prioritised production as reflected in its attention to the &lsquo;ease of doing business&rsquo; and its flagship programme &lsquo;Make in India&rsquo;. It is indeed right that there should be focus on production, as incomes are low in India and the expansion of employment is a function of the growth of output. However, growth has not taken off under this government in a way that was anticipated during the election campaign of 2014. The accelerating growth in the most recent quarters may be placed in perspective as follows: the economy is accelerating along a lower growth path. Further, and it needs recognition, that the Modi government had inherited a strongly accelerating economy.<br /><br />The reason for the lack of success in accelerating growth may be understood by a claim regarding the performance of the government by a leading member of the Prime Minister&rsquo;s Economic Advisory Council made soon after the CSO&rsquo;s announcement. He claimed that the four-year period just past had seen more reforms than ever in India&rsquo;s history, citing the demonetisation and GST as instances. Even without accepting less charitable descriptions of demonetisation, such as that it shook confidence in the currency, it is questionable whether any of the changes since 2014 compare with the reforms of 1991. The latter altered the policy regime in a way that the recent changes have not. Anyway, the question remains as to why the economy has not responded with alacrity to reforms that were supposedly so significant. Some factors may be identified, all of which point to the role of demand. The reforms since 2014 have mostly focussed on the supply side of the economy.<br /><br />The first factor alluded to above is macroeconomic policy. We have seen four years of contractionary macroeconomic policy. The only question is whether the government is unable to see this or that it has stubbornly persisted with what it believes to be a virtue. Let us take the fiscal and monetary policy stances in turn. As part of a tacit all-party agreement, the fiscal deficit has been lowered over the past nine years. Fiscal consolidation, as this drive is tendentiously referred to, lowers aggregate demand. Its votaries claim that &lsquo;crowding out&rsquo; will work in reverse to boost private investment, thus restoring the original position. This has not happened yet, and a decade is a long enough time to have allowed it to play out if it is inevitable. There is a way of dealing with the demand-contracting effects of fiscal consolidation. That is, to bring about expenditure switching in the government budget, whereby expenditures with high multiplier effects are privileged over those with a lower potential on this score. For instance, the government can change the composition of capital outlay and subsidies, expanding the former at the expense of the latter. The government has not done it, instead sticking to the extant subsidy regime, showing itself to be no less political from its predecessor in this regard.<br /><br /><em>Budgetary strategy<br /></em><br />Two points may be made about the Modi government&rsquo;s budgetary strategy. First, over the five budgets it has presented, it has maintained the share of capital expenditure but this has occurred alongside a declining total expenditure, perhaps motivated by the pursuit of &lsquo;less government&rsquo;. The net effect of these is a slightly lower budgetary capital outlay as a share of GDP. Second, the rate of growth of &lsquo;government final consumption expenditure&rsquo; has been steadily increased. The growth implications of such a strategy are obvious.<br /><br />What about monetary policy? Here we have been observing a stance not just contractionary but one bordering on the reckless. Though producer price inflation has continued its downward trend since 2014, the policy rate of the Reserve Bank of India has not kept pace, raising the real cost of borrowing. While there has been self-congratulation on the part of government that it engineered a shift to inflation targeting as the alpha and the omega of monetary policy in India, there is insufficient acknowledgement that when faced with food price inflation the mechanism works by sacrificing output. The latter feature is either ignored, or, worse still, actually rationalised as optimal. The irony is that while India finally has &lsquo;inflation targeting&rsquo; it does not yet have an effective anti-inflationary policy, which would be to ensure food supply at steady price.<br /><br />Please <a href="http://www.thehindu.com/opinion/lead/an-unexceptional-economic-performance/article24116622.ece" title="http://www.thehindu.com/opinion/lead/an-unexceptional-economic-performance/article24116622.ece">click here</a> to read more. <br /></div>                                                           
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    <br><a href="http://www.thehindu.com/opinion/lead/an-unexceptional-economic-performance/article24116622.ece" class="re" target="_blank">The Hindu, 9 June, 2018, http://www.thehindu.com/opinion/lead/an-unexceptional-economic-performance/article24116622.ece</a><div class="clear"></div>
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Home हिन्दी

An unexceptional economic performance -Pulapre Balakrishnan

Published on Jun 9, 2018   Modified on Jun 9, 2018

-The Hindu It is now clear that the Indian economy is moving along a lower growth path At the end of May the Central Statistics Office (CSO) released much-awaited estimates of national income for the final quarter of the 2017-18 financial year. The timing coincided with the completion of four years in office of the National Democratic Alliance (NDA) government. In a propaganda blitz, surging through the Net, the government embraced the GDP figures to declare that it has successfully “accelerated growth”. However, while this holds true for the past few quarters it does not when the past four years are taken into the reckoning. The facts are that the annual rate of growth since 2014 has first risen and then declined. By 2017-18 growth at 6.6% was less than the 6.9% it was in the final year of the second United Progressive Alliance (UPA) government. Along which horizon? So how you see the growth performance of the economy under Prime Minister Narendra Modi depends on the horizon chosen. When you take a view longer, you see that on average annual GDP growth in these years is, thus far, no higher than what it was earlier. Actually, by a certain calculation, it is exactly the same but such precision is hardly necessary to conclude that the NDA has not done much better than its predecessor as far as the growth of the economy is concerned. There are of course other aspects of an economy that should legitimately be of our concern but this government has generally prioritised production as reflected in its attention to the ‘ease of doing business’ and its flagship programme ‘Make in India’. It is indeed right that there should be focus on production, as incomes are low in India and the expansion of employment is a function of the growth of output. However, growth has not taken off under this government in a way that was anticipated during the election campaign of 2014. The accelerating growth in the most recent quarters may be placed in perspective as follows: the economy is accelerating along a lower growth path. Further, and it needs recognition, that the Modi government had inherited a strongly accelerating economy. The reason for the lack of success in accelerating growth may be understood by a claim regarding the performance of the government by a leading member of the Prime Minister’s Economic Advisory Council made soon after the CSO’s announcement. He claimed that the four-year period just past had seen more reforms than ever in India’s history, citing the demonetisation and GST as instances. Even without accepting less charitable descriptions of demonetisation, such as that it shook confidence in the currency, it is questionable whether any of the changes since 2014 compare with the reforms of 1991. The latter altered the policy regime in a way that the recent changes have not. Anyway, the question remains as to why the economy has not responded with alacrity to reforms that were supposedly so significant. Some factors may be identified, all of which point to the role of demand. The reforms since 2014 have mostly focussed on the supply side of the economy. The first factor alluded to above is macroeconomic policy. We have seen four years of contractionary macroeconomic policy. The only question is whether the government is unable to see this or that it has stubbornly persisted with what it believes to be a virtue. Let us take the fiscal and monetary policy stances in turn. As part of a tacit all-party agreement, the fiscal deficit has been lowered over the past nine years. Fiscal consolidation, as this drive is tendentiously referred to, lowers aggregate demand. Its votaries claim that ‘crowding out’ will work in reverse to boost private investment, thus restoring the original position. This has not happened yet, and a decade is a long enough time to have allowed it to play out if it is inevitable. There is a way of dealing with the demand-contracting effects of fiscal consolidation. That is, to bring about expenditure switching in the government budget, whereby expenditures with high multiplier effects are privileged over those with a lower potential on this score. For instance, the government can change the composition of capital outlay and subsidies, expanding the former at the expense of the latter. The government has not done it, instead sticking to the extant subsidy regime, showing itself to be no less political from its predecessor in this regard. Budgetary strategy Two points may be made about the Modi government’s budgetary strategy. First, over the five budgets it has presented, it has maintained the share of capital expenditure but this has occurred alongside a declining total expenditure, perhaps motivated by the pursuit of ‘less government’. The net effect of these is a slightly lower budgetary capital outlay as a share of GDP. Second, the rate of growth of ‘government final consumption expenditure’ has been steadily increased. The growth implications of such a strategy are obvious. What about monetary policy? Here we have been observing a stance not just contractionary but one bordering on the reckless. Though producer price inflation has continued its downward trend since 2014, the policy rate of the Reserve Bank of India has not kept pace, raising the real cost of borrowing. While there has been self-congratulation on the part of government that it engineered a shift to inflation targeting as the alpha and the omega of monetary policy in India, there is insufficient acknowledgement that when faced with food price inflation the mechanism works by sacrificing output. The latter feature is either ignored, or, worse still, actually rationalised as optimal. The irony is that while India finally has ‘inflation targeting’ it does not yet have an effective anti-inflationary policy, which would be to ensure food supply at steady price. Please click here to read more.

The Hindu, 9 June, 2018, http://www.thehindu.com/opinion/lead/an-unexceptional-economic-performance/article24116622.ece

Tagged with: Fiscal policy Monetary Policy Economic Growth Central Statistics Office (CSO)

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