Modi govt’s approach in Budget may bring growth for few years, despite slowing world economy, rising rates. But problems in areas including education won’t just vanish automatically.
Modi govt had in early 2018 announced vision to achieve $5 trillion economy level by the 2025 fiscal, but the domestic economy started losing momentum because of the Covid pandemic in 2020.
With both GDP and inflation rising, central banks around the world may hike interest rates leading to instability in financial markets. But it’s not all bad news.
Strong demand is keeping India on track to achieving world’s fastest growth in the year to March, with new weekly infections dropping to lowest in more than 6 months.
Steep jump in medium-term growth rates, of the kind projected, needs strong private & govt investment, domestic demand & exports. Govt has bet on growth in own investment, while exports are doing well.
There are some early signs of moderation in inflation and a pick-up in growth, but RBI is likely to monitor growth and inflation before a decision on changing rates.
In ‘Redesign the World’, Sam Pitroda argues that hyperconnectivity and Covid-19 have offered a unique opportunity to redesign the world to meet future challenges.
China, on the other hand which was the only major economy to have a positive growth rate of 2.3 per cent in 2020, is expected to grow by 8.6 per cent in 2021 and 5.6 per cent in 2022.
As wave upon wave of Covid-19 is seen in India & abroad, the year is likely to witness alternating good & bad news, causing volatility in financial markets.
Many 'independent' reports, intended to shape policies, are sponsored by industry groups or entities with deep pockets and vested interests. This process must become transparent.
While the move could free up grid capacity struggling to keep up with rapid renewable rollout, it would be a major setback for green ambitions. India aims to double clean power capacity to 500 gigawatts by the end of the decade.
Agreement signed during 17th Joint Working Group (JWG) on defence cooperation. Defence Secretary Rajesh Kumar Singh met Director General in Israeli Ministry of Defence Amir Baram Tuesday.
This world is being restructured and redrawn by one man, and what’s his power? It’s not his formidable military. It’s trade. With China, it turned on him.
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