MACROECONOMIC POLICY IN INDIA SINCE THE GLOBAL FINANCIAL CRISIS: Trends, Policie

This book delves into the Indian economic crisis, analyzing what went wrong and what corrective actions are necessary to get the economy back on a high growth trajectory, ultimately leading to economic transformation. It examines the performance of the Indian economy since the Global Financial Crisis to the effects of COVID-19, exploring the factors that influenced this performance.

The book critiques the macroeconomic policies of both the Reserve Bank of India (RBI) and the government, highlighting what needs to be done for these policies to support high growth. It draws comparisons with East Asia and China, pointing out that India has similar potential for growth, particularly through expanding manufacturing. The author argues that both macroeconomic policies and structural, industrial, and trade policies have been insufficient. Even when there have been positive industrial and trade policy initiatives, these have often faltered due to a lack of a cohesive macroeconomic strategy.

Special attention is given to the vast opportunities present in India’s emerging economy, particularly its underutilized labor force, and the macroeconomic policy initiatives needed to leverage this advantage. The book offers an in-depth analysis of a wide range of macroeconomic data, including GDP/GVA, credit, exports, external transactions, interest and policy rates, inflation, government expenditures, tax rates, fiscal deficits, and market uncertainty.