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The Morning Brief
Should we re-examine India’s ‘Growth Story’?
Dec 3, 2024
In this discussion, Ashima Goyal, a renowned economist and former RBI Monetary Policy Committee member, delves into India's economic challenges. She unpacks the factors behind the recent slowdown, including high real interest rates and stagnant manufacturing. Topics such as the impact of food prices on inflation and the need for better fiscal strategies are highlighted. Goyal emphasizes the importance of learning from past patterns and suggests a rethink of the nation’s growth trajectory to stimulate private consumption and investment.
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Quick takeaways
- India's economic slowdown is attributed to weak private consumption and stagnant manufacturing, prompting discussions on the need for policy recalibration.
- The RBI faces challenges balancing inflation control and growth support, necessitating effective use of its policy tools to address the evolving economic landscape.
Deep dives
Challenges in India's Economic Growth
India's economy is facing significant challenges, evident in slower growth rates and subdued consumption. Key areas like manufacturing and mining have shown weak performance, while financial services lag behind despite overall service sector strength. High real interest rates, which have persisted for a long duration, are identified as a crucial factor hindering durable consumption and investment, particularly in interest-sensitive sectors. Additionally, the government's reduced spending during the election period, though seen as a positive step towards reducing leakages, has contributed to the overall decline in economic activity.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode