V-shaped recovery anticipated, but it’s the human capital base of economy that needs care

Macroeconomic winds are blowing favourably as we enter the New Year. Stock markets are at an all-time high. Share price indices are up nearly 60 per cent from their lows of March. The stock market is supposed to be a harbinger of economic times to come, so clearly it is indicating a strong revival. Liquidity in the banking system is more than ample. Interest rates are at multi-decadal lows. The gap between Indian and Western policy rates is the lowest it has been in a long time. Coupled with inflation rates above 6 per cent.

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