Key policy initiatives: thrust on supply sideThe NDA government introduced a multipronged policy thrust. A new monetary policy framework was brought in place after institutionalizing a CPI inflation policy target of 4% on an average. The supply-side thrust would increase productivity of labour and capital, uplifting growth prospects on a sustained basis. The employment-creating potential of growth will have to be further emphasized in the formulation of forthcoming policies. Overall growth prospects appear to be benign, with India slated to lead global growth among major economies at 7.4% in FY19 and 7.8% in FY20, as projected by the International Monetary Fund.

Source: Mint May 26, 2018 14:17 UTC