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Rebooting Economy 59: Quantum jump in fiscal spending is what India needs immediately First advance estimates of national income highlight three key imperatives to revive growth: generate demand and investment cycles by directly spending more and reverse import substitution Prasanna Mohanty | January 18, 2021 | Updated 11:31 IST The estimates for FY21 further show that, three out of two components of industry, mining and quarrying and manufacturing will have minus 12.4% and minus 9.4% growth Less than a fortnight to go before the FY21 budget presentation, the state of Indian economy does not look good, notwithstanding the hypes around faster than expected , V or K-shaped recovery or a never before budget . For any such change to happen, India needs a drastic course correction that may be easier said than done in a top-down polity.

Raghutam rajanAbhijit mukherjeeArvind panagariyaArvind subramanianAatmanirbhar bharatFirst advance estimates of national incomeNational accounts statisticsFirst advance estimates on national incomeFirst advance estimatesNational incomeController generalMonthly economic reportChief economic advisor arvind subramanianIndian economyFiscal spendingEconomic growth