The Indian economy is well placed to take on the challenges of 2022-23, suggest macro-economic stability indicators, said Economic Survey 2021-22 which was presented in the Parliament on Monday by Union Finance Minister Nirmala Sitharaman.
According to the survey document: "One of the reasons that the Indian economy is in a good position is its unique response strategy. Rather than pre-commit to a rigid response, Government of India opted to use safety-nets for vulnerable sections on one hand while responding iteratively based on 'Bayesian-updating' of information."
"A key enabler of this flexible, iterative 'Agile' approach is the use of eighty High Frequency Indicators (HFIs) in an environment of extreme uncertainty."
Another distinguishing feature of India's response, the survey document said, has been an emphasis on supply-side reforms rather than a total reliance on demand management. "These supply-side reforms include deregulation of numerous sectors, simplification of processes, removal of legacy issues like 'retrospective tax', privatisation, production-linked incentives and so on."
"Even the sharp increase in capital spending by the government can be seen both as demand and supply enhancing response as it creates infrastructure capacity for future growth."
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU