FORGET COVID WAVES; it is time to ponder over the waves and undercurrents of the river. The river of economics we all are swimming in, that is. Sanjay Kumar, a tax and public policy veteran and a former bureaucrat, uses the analogy to convey the mood on the eve of this year's union budget.
THE WAY OF WATER
"Growth is like the water flowing in the river. As long as there is water in the river, we can manage the economy. But if the water dries up, [the pebbles and rocks on the river bed] will hurt us.," Kumar, now a partner with Deloitte India, said.
It could well be a case of your river being half full or half empty, depending on how you look at it. Referring to all the business confidence and CEO surveys pouring in expressing optimism about stellar growth in the coming financial year, Indian economy's future sounds all hunky dory in the year of a possible recession-good (news) enough to warm the cockles of Finance Minister Nirmala Sitharaman's heart. The river is full and flowing, and hey, $5 trillion economy, here we come sailing in, it would seem.
But there are also the veritable pessimists in the mix, who see the river not just half empty, but running shallow. They point to the over-the-board spending the government was forced to do in the Covid years, which saw fiscal deficit (the gap between the money government spends and the money it earns via taxes) shooting up to 9.3 per cent. The recommended upper limit is 3 per cent. Right now, even the best estimates are that it will not fall back to the recommended level for at least another three years.
Or the current account deficit (the difference between the country's exports and imports) being at a nine-year high. 'Private consumption, the term that refers to spending by the common man, an important requisite for any economy to be buoyant, has not yet picked up despite some 'revenge buying' and festive season spurts.
Denne historien er fra January 29, 2023-utgaven av THE WEEK India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra January 29, 2023-utgaven av THE WEEK India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
A golden girl
One of India's most formidable beauties passed away earlier this month. The odd thing is she would absolutely hate this obituary; she hated being written about and avoided publicity for all of her nine decades. Indira Aswani was 93 when she died. But anyone who encountered her, even briefly, was in such awe of her grace and poise, and one could not but remember her forever.
The interest in wine is growing delightfully in India
The renowned British wine writer and television presenter Jancis Robinson, 74, recently came to Delhi and Mumbai to reacquaint herself with India's wine industry. This was the Robinson's fourth visit to India; the last one was seven years ago. On this trip, Robinson and her husband, restaurateur Nicholas Lander, were hosted by the Taj Hotels and Sonal Holland, India's only Master of Wine.
United in the states
Indian-Americans coming together under the Democratic umbrella could get Harris over the line in key battlegrounds
COVER DRIVE
Usage-driven motor insurance policies offer several benefits
GDP as the only measure of progress is illogical
Dasho Karma Ura, one of the world's leading happiness experts, has guided Bhutan's unique gross national happiness (GNH) project. He uses empirical data to show that money cannot buy happiness in all circumstances, rather it is family and health that have the strongest positive effect on happiness. Excerpts from an interview:
India is not a controlling big brother
Prime Minister Tshering Tobgay considers India a benevolent elder sibling as the \"big brotherly attitude\" is happily missing from bilateral ties. He thinks the relationship shared by the two countries has become a model of friendship not just for the region, but for the entire world. \"India's attitude is definitely not of a big brother who is controlling and does not allow the little brother to blossom and grow,\" says Tobgay in an exclusive interview with THE WEEK.
Comrade with no foes
Lal Salaam, Comrade Yechury-you were quite a guy!
Pinning down saffron
In her first political bout, Vinesh Phogat rides on the anti-BJP sentiment across Haryana
MAKE IN MANIPUR
Home-made rockets and weapons from across the border are escalating the conflict
SAHEB LOSES STEAM
Coalition dynamics and poor electoral prospects continue to diminish Ajit Pawar's political stock
