India’s economy has recovered fast from the pandemic-induced crisis, says Arvind Panagariya. A professor of economics and the Jagdish Bhagwati Professor of Indian Political Economy at Columbia University, Panagariya was the first vice chairman of NITI Aayog. In an exclusive interaction with THE WEEK, he talks frankly about the Indian economy. Excerpts:
Q/What is the current state of the Indian economy and where is it headed?
A/The economy has recovered speedily, with India’s growth rate in 2021-22 almost sure to be the highest [among major economies], just as the IMF forecast of October 2021 had predicted. Provided that Covid-19 does not force significant lockdowns, we can count on growing 7-8 per cent a year in the coming decade. If we do a few more key reforms, we can do better.
Q/Do you feel that the economy is moving on the right path? Prices have been steadily rising and inflation has surged.
A/Currently, inflation is well within the assigned target range (2 to 6 per cent). I do not think that the RBI has to begin tightening the moment it sees inflation exceeding the mid-point of the target range. In a developing economy in recovery, I am comfortable with inflation being in the 5 to 6 per cent range.
Q/What kind of steps should be taken in the budget to revive the economy?
この記事は THE WEEK の January 30, 2022 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は THE WEEK の January 30, 2022 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
Trump And The Crisis Of Liberalism
Although Donald Trump's election to a non-consecutive second term to the US presidency is not unprecedented—Grover Cleveland had done it in 1893—it is nevertheless a watershed moment.
What Will It Take To Clean Up Delhi Air?
IT IS ASKED, year after year, why Delhi’s air remains unbreathable despite several interventions to reduce pollution.
Men eye the woman's purse
A couple of months ago, I chanced upon a young 20-something man at my gym walking out with a women’s sling bag.
When trees hold hands
A filmmaker explores the human-nature connect through the living root bridges
Ms Gee & Gen Z
The vibrant Anuja Chauhan and her daughter Nayantara on the generational gap in romance writing
Vikram Seth-a suitable man
Our golden boy of literature was the star attraction at the recent Shillong Literary Festival in mysterious Meghalaya.
Superman bites the dust
When my granddaughter Kim was about three, I often took her to play in a nearby park.
OLD MAN AND THE SEA
Meet G. Govinda Menon, the 102-year-old engineer who had a key role in surveying the Vizhinjam coast in the 1940s, assessing its potential for an international port
Managing volatility: smarter equity choices in uncertain markets
THE INDIAN STOCK MARKET has delivered a strong 11 per cent CAGR over the past decade, with positive returns for eight straight years.
Investing in actively managed low-volatility portfolios keeps risks at bay
AFTER A ROARING bull market over the past year, equity markets in the recent months have gone into a correction mode as FIIs go on a selling spree. Volatility has risen and investment returns are hurt.
