Released on Tuesday, it laid bare the crisis that India’s economy is now in, and nudged the government to adopt structural reforms as a way for it to regain its growth momentum. This is sobering indeed for an economy short of the $3 trillion mark that had hoped to reach $5 trillion by 2024-25. A closer reading of the report suggests that we cannot hope to attain a high-growth plane, even after getting past the corona menace, without major moves. “In fact," said the report, “GST Council-type apex authorities can be the way forward to revive and crowd-in private investment." On the urgency of another round of fiscal stimulus, however, RBI could well have been bolder.

Source: Mint August 26, 2020 14:37 UTC