AS THE FASTEST GROWING MAJOR ECONOMY, India is slated to drive global growth. The poise with which India managed the pandemic impact and navigated from a negative growth in the first two quarters of FY21 to positive growth in the next four consecutive quarters deserves praise.
As the Finance Minister presents the Union Budget, she will have the complex challenge of balancing this pace of growth with keeping the fiscal deficit in check, against the backdrop of the likely impact of the new Covid-19 wave and rising inflation. For this Budget, choosing growth to aid recovery will be advisable—if growth and private investments take off, fiscal deficit will gradually come under control with lesser need for the government to borrow.
I make a case for a more calibrated return to fiscal consolidation as a more suited policy at this juncture for the country.
Fiscal Policy: Key to Growth
The latest MOSPI estimates indicate that India’s real GDP growth for FY22 is expected to be at 9.2 per cent. At this growth, India’s output in absolute terms is likely to be about ₹147.5 lakh crore in FY22, a mere 1.3 per cent growth over ₹145.7 lakh crore achieved in FY20. The impact of the Omicron wave may pose some hurdles for this growth. With inflation gathering momentum, RBI may be constrained to increase or maintain the current repo rate. Thus, monetary policy may have a limited scope for supporting growth. In this milieu, an impetus on investments and capital expenditure through a supportive fiscal policy is the need of the hour to achieve India’s ambition of a $5-trillion economy.
Fiscal Deficit
هذه القصة مأخوذة من طبعة February 06, 2022 من Business Today.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة February 06, 2022 من Business Today.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
"Moving to cloud helped us grow❞
What was the problem you were grappling with?
She's Got Time
MORE WOMEN ARE BECOMING WATCH CONNOISSEURS, SEEKING OUT BOTH JEWELLED AND TECHNICAL WATCHES FOR THEIR STYLE AND CRAFTSMANSHIP
RISING STAR
PARUL GULATI IS a name that's been steadily gaining prominence in the Indian entertainment industry after she appeared on season 2 of Shark Tank in 2023. She has become a multifaceted personality who effortlessly transitions between acting and entrepreneurship.
Building on a Legacy
WHEN ZAHABIYA KHORAKIWALA stepped into her role as Managing Director of Wockhardt Hospitals over a decade ago, she confronted formidable challenges that have since turned into achievements.
LEADER IN INNOVATION
AS FEDEX'S PRESIDENT (Middle East, Indian subcontinent and Africa), Kami Viswanathan has a lot on her plate.
WAITING IN THE WINGS
Here are those who missed out as they have not yet completed a year in office; they'll be strong contenders in 2025
A DECENT PROPOSAL
IN TODAY'S WORLD OF TRYING TO CREATE AN EQUITABLE SPACE, BOTH MEN AND WOMEN CONTRIBUTE TO THEIR HOUSEHOLDS. WOMEN ARE ENCOURAGED TO HAVE THEIR OWN SAVINGS POOL AND INVESTMENT ROUTINE. GIVEN THIS, HOW SHOULD FUTURE BRIDES APPROACH FINANCIAL PLANNING?
Women and the STEM Bias
EMPOWERING WOMEN IN STEM WILL NOT ONLY BENEFIT INDIVIDUALS, BUT ALSO STRENGTHEN THE ENTIRE INDUSTRY, DRIVING INNOVATION AND PROGRESS.
ROCKET WOMEN
WOMEN IN INDIA ARE NOT ONLY VENTURING INTO SPACE BUT ARE ALSO STARTING TO SPEARHEAD THE COUNTRY'S EFFORTS IN THE GLOBAL SPACE RACE.
ONE STEP FORWARD
THE NUMBER OF WOMEN INDEPENDENT DIRECTORS IS GROWING STEADILY, BUT IT'S A LONG WAY FROM GENDER PARITY. MUCH MORE NEEDS TO BE DONE TO BREAK THE GLASS CEILING IN BOARDROOMS.