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A Concise Handbook of the Indian Economy in the 21st Century$
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Ashima Goyal

Print publication date: 2019

Print ISBN-13: 9780199496464

Published to Oxford Scholarship Online: January 2020

DOI: 10.1093/oso/9780199496464.001.0001

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After Liberalizing Reforms

After Liberalizing Reforms

The Importance of Domestic Demand

Chapter:
(p.35) Chapter 2 After Liberalizing Reforms
Source:
A Concise Handbook of the Indian Economy in the 21st Century
Author(s):

Pulapre Balakrishnan

Ashima Goyal

Publisher:
Oxford University Press
DOI:10.1093/oso/9780199496464.003.0002

Pulapre Balakrishnan and Ashima Goyal point to domestic factors rather than the global economy as the source of the growth slowdown in the last decade. It follows more importance needs to be given to domestic demand and to difficult domestic reforms such as improvements in governance. Since macroeconomic policy has impacted growth, attention to the interaction between the two would also yield dividends. To do so, the inflation forecast targeting regime requires to be flexibly implemented with supportive government action to relieve supply-side restrictions.

Keywords:   Reforms, growth slowdown, domestic demand, macroeconomic policy, flexible inflation targeting, supply-side, governance

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