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Why next-generation economic reforms are crucial for reviving investment
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Macroeconomics
Budget 2022-23 and outlook for the Indian economy
Several commentators have lauded the recently presented Budget 2022-23 as a ‘growth budget’, on account of the large allocations made for capital expenditure on public infrastructure. On the other hand, concerns have been expressed about the Budget’s potential to create jobs for the masses, allay inflation worries, and strengthen social sectors such as health and education. Should we be optimistic or cautious? In this edition of I4I Conversations, Ashok Kotwal (Editor-in-Chief, Ideas for India) speaks with Pronab Sen (IGC India) to dissect the various policies and proposals in the Budget, and deliberate on the outlook for the Indian Economy. Dr Sen explains that the rhetoric around the Budget is mixing up accounting and economic classifications in the context of the announcement of 35% increase in public capex, why we cannot think of infrastructure as a homogenous activity in terms of the intensity of employment generation, how the support for MSMEs may be cherry-picking the units...
Budget 2022-23 and outlook for the Indian economy
Several commentators have lauded the recently presented Budget 2022-23 as a ‘growth budget’, on account of the large allocations made for capital expenditure on public infrastructure. On the other hand, concerns have been expressed about the Budget’s potential to create jobs for the masses, allay inflation worries, and strengthen social sectors such as health and education. Should we be optimistic or cautious? In this edition of I4I Conversations, Ashok Kotwal (Editor-in-Chief, Ideas for India) speaks with Pronab Sen (IGC India) to dissect the various policies and proposals in the Budget, and deliberate on the outlook for the Indian Economy. Dr Sen explains that the rhetoric around the Budget is mixing up accounting and economic classifications in the context of the announcement of 35% increase in public capex, why we cannot think of infrastructure as a homogenous activity in terms of the intensity of employment generation, how the support for MSMEs may be cherry-picking the units ...
Budget 2022-23: Hits and misses
Outlining the hits and misses of the Budget 2022-23, Rajeswari Sengupta contends that the capital expenditure push by the government seems to be a step in the right direction, while the rationale behind the continued focus on protectionism is questionable. In her view, the Budget appeared to lack a coherent growth strategy, which was the need of the hour – especially given the high levels of government debt.
India’s asset monetisation plan
In August 2021, Government of India announced an asset monetisation plan wherein existing public assets worth Rs. 6 trillion would be monetised by leasing them out to private operators for fixed terms, and the proceeds would be used for new infrastructure investment. In this post, Amartya Lahiri examines the revenue potential of this plan, and whether it is likely to enhance the efficiency of the economy.
Assessing the credibility of sub-national budgets in India
The Covid-19 crisis has put immense pressure on the finances of Indian states. Fiscal consolidation in the post-pandemic period will depend on growth revival, increased fund flows, and efficient budget management processes. In this context, Jena and Singh assess the credibility of sub-national budgets during the period 2012-2019, in terms of planned and actual revenues and expenditures – both at the aggregate and individual state levels.
Understanding the dynamics of the rupee-dollar exchange rate
Since 1993, the Indian rupee (INR) has officially been following a market-determined exchange rate – price is determined by demand for and supply of foreign exchange – with intervention by the Reserve Bank of India from time-to-time. Analysing data from 2000-2020, Patnaik and Sengupta examine whether INR actually followed multiple exchange rate regimes, and if so, how the Central Bank managed exchange market pressure across these regimes.
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