| Summary, etc |
"In the backdrop of the Coronavirus having wreaked havoc on nations across the world and adversely impacting economic growth of countries, the Government and monetary authorities, ie Reserve Bank of India, stepped forward with conventional as well as unconventional stimulus measures.In times of such an unprecedented crisis, the pertinent questions in the minds of not only economic analysts but also the common man were: Should the Government be providing the stimulus to the economy in small doses (with an industry-specific stimuli) or announce a big bang stimulus? Should the Government have adopted the Keynesian theory of economic growth? Were there any lessons to be learnt from the Great Depression of the 1930s?During the first and second waves of the COVID-19 pandemic, was it more of a demand-side problem or was it the supply side? Should the Government focus more on demand-side measures as against supply-side measures or is there a need for both?Was this the right time for the Government to worry about a widening fiscal deficit? Should monetization of deficit be done? If yes, what about its implication on future inflation and interest rates and consequent cost to investors and consumers?This was the time for the Government and fellow Indians to reboot, redraw and reinvent the wheel of progress, and paint a new standing in the World Economic Order. Had the process already begun with countries such as the United States and the United Kingdom asking for India to be included in the G7 group of countries?Thus, in light of the abovementioned macroeconomic scenario existing in India in June 2020, the authors decided to continuously examine the important measures/policies announced by the Government and evaluate its impact on the country.Part 1 of the book traces preceding trends in the economic growth of the country 2010-20, the impact of the virus on the Indian economy, the macroeconomic perspectives, inputs for Budget 2021-22, the economic impact of the second virus wave, and the country being on the path to economic recovery in Q122.Part 2 critically analyzes policy initiatives undertaken by the Government for achieving an Atmanirbhar Bharat, short-term 2 and long-term structural reforms, agricultural reforms, six pillars on which the Union Budget 2021-22 has been based, Government's re-think on retrospective taxes and asset monetization.Part 3 lays out a roadmap of policy suggestions that warrant Government focus and attention to make India into a self-reliant nation. These initiatives can help achieve the dream of doubling farmers' income and making India into a global manufacturing hub, ie an Atmanirbhar Bharat. It discusses that for India to be a major manufacturing destination, technology upgrading is needed. Keeping in mind the importance of universal vaccination, a balanced approach is needed on IPRs for crucial medicines. Lastly, this section discusses the importance of cooperative federalism and challenges before the Government in making India into an Atmanirbhar Bharat"-- |
