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Mid-Year Review of the Indian Economy 2001-2002

 
B.B. Bhattacharya (Author) N.R. Bhahumurthy (Author)
Synopsis The Mid-Year Review of the Indian Economy for 2001-02 analyses the behaviour of all major macro-economic variables. The review identifies three major issues for critical evaluation : industrial recession, capital market collapse, global recession and war and its contagion effect on the Indian economy. The review, with the help of a macro-econometric model, concludes that there is clear evidence of a further slowdown in the Indian economy in the current fiscal year (2001-02). The GDP growth in this fiscal year is expected to be around 5 per cent, which is less than the 5.2 per cent growth in the last fiscal year. All the sectors of the economy, except agriculture, are expected to perform below expectations this year. This trend in two consecutive years and the stagnant savings and investment rates raise serious doubts about the attainment of the Tenth Plan target growth rate of 8 per cent per annum. The review concludes that increase in the GDP growth rate can be brought about only by improving the productivity of both labour and capital. Given the acute demand constraint, the government may have to stimulate aggregate demand through a liberal fiscal policy. However, it must be ensured that fiscal stimulus promotes public investment and not bureaucratic expenditure and subsidies.
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About the author

B.B. Bhattacharya

Dr. B.B. Bhattacharya is currently a professor of economics at the Institute of Economic Growth, Delhi. He was formerly a visiting scholar in the University of California, Berkeley. Dr. Bhattacharya is one of the leading economists of the country with specialistion in macro-economics, public finance, monetary economics and development economics. He is the author of a number of scholarly books and technical papers in leading journals in India and abroad. He has served as technical expert in numerous committees and commissions of the Government of India, Planning Commission, Finance Commission, Economic Administration and Reforms Commission, Central Statistical Organisation and Reserve Bank of India.

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Bibliographic information

Title Mid-Year Review of the Indian Economy 2001-2002
Format Hardcover
Date published: 01.01.2002
Edition 1st. Ed.
Language: English
isbn 8175411088
length 128p., Tables; Appendix; Figs.