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LATEST NEWS UPDATES | Dormant state -Renu Kohli

Dormant state -Renu Kohli

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published Published on Aug 18, 2020   modified Modified on Aug 20, 2020

-The Telegraph

Why are animal spirits in quarantine?

Animal spirits, the primordial driver of growth that is unquantifiable, are once more in the spotlight. The current context is the dire growth outlook from the Covid-19 impact, future prospects and how to improve these. However, the absence of animal spirits has been felt and commented upon longer than that. It can be traced as far back as the 2012-13 slowdown, or the shortfall in private investment that has, inexplicably, failed to return since. A spurt of growth in 2015-16 neither sustained nor restored investments. Why has investment not revived? Why are animal spirits quiescent? Or to use the coronavirus terminology, why have animal spirits been in quarantine for so long even when the virus was nowhere around?

It isn’t as though the government has remained on the sidelines. In the five years to 2019, it responded with numerous reforms, such as inflation targeting, indirect tax harmonization (GST), public bank recapitalization and the Insolvency and Bankruptcy Code for the resolution of bad loans. Raised public spending provided further support. Yet, a year ago, after an overwhelming re-election, consumer sentiments and business confidence strangely nosedived for unknown reasons that remain unexplained.

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The Telegraph, 18 August, 2020, https://www.telegraphindia.com/opinion/dormant-state-why-are-animal-spirits-in-quarantine/cid/1789360


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