Macroeconomic Policy in India Since the Global Financial Crisis: Trends, Policies and Challenges in Economic Revival Post-Covid

This book discusses the Indian economic crisis and the correction necessary for getting the economy back to a high growth trajectory. It covers trends in performance since the Global Financial Crisis to the COVID-19 effect and questions the approach to macroeconomic policy. It highlights the special opportunities present in an emerging economy with vast under and utilised labor and argues that macroeconomic policies have been deficient.

Format: Hardback
Length: 296 pages
Publication date: 27 May 2022
Publisher: Springer Verlag, Singapore

The Indian economic crisis is a subject covered in this book, which also highlights the measures required to restore the economy to a high growth trajectory and effect economic transformation. The book examines trends in the Indian economy's performance since the Global Financial Crisis to the COVID-19 impact, identifying the factors that have influenced these trends. It challenges the approach to macroeconomic policy taken by the RBI and the government and highlights what is necessary for macroeconomic policy to support high growth. While India possesses the same potential for growth as East Asia and China through manufacturing expansion, the book offers revealing contrasts in their macroeconomic policies.

Overall, the book argues that macroeconomic policies, including structural, industrial, and trade policies, have been inadequate and that even successful initiatives in industrial policy and trade have failed due to a lack of a strategic approach to macroeconomics. The book emphasizes the unique opportunities presented by an emerging economy with vast underutilized labor and the macroeconomic policy initiatives that can leverage this key feature.

The book provides a comprehensive overview of the Indian economy by covering macroeconomic data on growth using various indicators. It also examines external shocks and the internal policy measures/responses, including GVA/GDP, credit, exports, external transactions, interest and policy rates, yields, exchange rates, money, capital flows, indices of the industrial sector, price indices, and inflation. Additionally, it covers government expenditures, tax rates, fiscal deficits, market uncertainty measures, and other relevant indicators to present a holistic picture of the economy and the shocks and policy actions that have followed.

The book employs an innovative method of presentation, showcasing the consistency of trends/stances of both monetary and fiscal policy using the extensive number of data presented. This approach allows readers to gain a deeper understanding of the economic challenges and opportunities facing India.

In conclusion, this book is a valuable resource for anyone interested in understanding the Indian economic crisis and the measures required for its resolution. It provides a comprehensive analysis of the economy's performance, challenges, and opportunities, and offers insights into the macroeconomic policy measures that can support high growth and economic transformation in India.

Weight: 653g
Dimension: 235 x 155 (mm)
ISBN-13: 9789811912757
Edition number: 1st ed. 2022