 "macro economy")
The overall context of macroeconomic policy comprises two main issues. The first issue is the sustained problem of weak private investment over a long period. The second is the remarkable developments in the global economy and a glimmer of possibility for a better position for India. The recent moves by the monetary policy committee, of cutting rates, are in the right direction, and should be seen in the larger context of macro policy.
The most important element of India’s growth is the emergence of large, high-productivity private firms which control greater resources of labour and capital. Hence, watching the growth
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