Budget should ensure strong and targeted public expenditure to address K-shaped recovery: Experts
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While public expenditure would boost near-term growth, a credible medium-term fiscal consolidation path would be a positive for investors and rating agencies looking at the Indian economy, felt a panel of experts at a virtual conference hosted by the National Council for Applied Economic Research on Wednesday.
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NEW DELHI: The government needs to ensure strong expenditure growth in the Union Budget with targeted fiscal support to address the K-shaped recovery being witnessed by the Indian economy, according to experts.
While public expenditure would boost near-term growth, a credible medium-term fiscal consolidation path would be a positive for investors and rating agencies looking at the Indian economy, felt a panel of experts at a virtual conference hosted by the National Council for Applied Economic Research on Wednesday.
India s quarterly GDP contraction to end in December quarter: NCAER
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The think tank pared its forecast of gross domestic product (GDP) growth during the ongoing fiscal to -7.3% compared to -12.6% in September to account for the “welcome surprise” of a sharp moderation in contraction in the second quarter at -7.5%, according to its mid-year review of the economy, presented virtually on Monday.
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However, a flattening in the pace of growth of several economic indicators in the December quarter have called into question the sustainability of the recovery, according to the NCAER.
The quarterly contraction in India’s growth in the ongoing fiscal is set to end in the third quarter with a marginally positive 0.1% growth, according to the National Council for Applied Economic Research (NCAER).
New Delhi: Oxford University Press, 2019; pp xx + 295, ₹
895.
Oxford: Oxford University Press, 2019; pp xxiv + 577, price not indicated.
Asia’s Journey to Prosperity: Policy, Market, and Technology Over 50 Years by Asian Development Bank,
Manila: ADB, 2020 (ebook), http://dx.doi.org/10.22617/TCS190290.
The transformation of Asia from its status as the most impoverished region to the growth locomotive of the world economy within five decades is unprecedented and nothing short of a miracle. The achievement seems all the more profound when juxtaposed with a very pessimistic outlook of Asia’s development prospects made by Gunnar Myrdal in his three-volume tome
Asian Drama: An Inquiry into the Poverty of Nations, published in 1968.