By Dr. M Govinda Rao
India’s growth story remains highly attractive at a time of fragile global economic recovery, uneven growth and tremendous uncertainty around the global financial and commodity markets. However, taking the economy to a higher growth trajectory over the medium and long term requires considerable reforms by the government.
This essay by Dr. Rao covers India’s macroeconomic environment and role of fiscal and monetary policies, the importance of reviving the investment climate for transforming India into an economic power in the medium and long term. This essay is a lecture delivered by Dr. M Govinda Rao on the macroeconomic environment in India, held at the Indian Institute of World Culture, Bengaluru. The lecture was held in honour of the noted economist, PR Brahmananda, who is credited with the introduction of the Vakil-Brahmananda wage-goods model.
Image credit: Business Standard
Tagged: Brahmananda Memorial Lecture, commodity markets, Finance Ministry, fiscal and monetary policy, FRBM Act, FRBM Legislation, GDP, GNPA, GSDP, Kelkar Committee, M Govinda Rao, Macroeconomic environment, NNPA, PR Brahmananda, RBI, Reserve Bank of India, The Takshashila Institution