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The formula of capex driven growth is a proven way to continue economic expansion, but the model has its limitations. Policymakers must remain mindful of the real challenges faced by the households and their falling financial capacities
Financial year 2020-21 can be considered a lost year with the first advance estimates released by the statistics office showing a contraction of the real gross domestic product (GDP) by 7.7 per cent, mostly owing to the pandemic. There are, however, signs to suggest that the economy will be able to return to normal on its own in 2021-22 -- as long as liquidity and credit remain available. But in past crises, the major mistake has been to over-stimulate the economy and to remain engaged in loose monetary and fiscal policy for too long. This mistake must not be repeated by either the finance ...