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Optimistic scenario: Can growth take care of all the economy's problems?

If the government thinks growth is the solution, can it be delivered in a slowing world with rising rates - within the domestic context of slower growth even before the pandemic, asks T N Ninan

Topics
Indian Economy | Weekend Ruminations | Gross Domestic Product (GDP)

T N Ninan 



T N Ninan

The government’s macro-economic strategy, as articulated through the Budget and the Economic Survey, can be stated simply: Growth will take care of all problems. That is what worked two decades ago, when the macro-economic indicators were comparable to today’s fiscal deficits, heavy interest burden on public debt, and problem-ridden banks. Rapid growth in subsequent years, in a world economy that was on steroids, boosted tax revenues, which reduced the deficit and debt in relation to GDP, and helped digest the interest burden.

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First Published: Fri, February 04 2022. 19:56 IST

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