India's macroeconomic management 'stellar'; paves way for sustained recovery: Finance Ministry report
1 year, 5 months ago

India's macroeconomic management 'stellar'; paves way for sustained recovery: Finance Ministry report

The Hindu  

“Stellar macroeconomic management in the midst of unprecedented global challenges has put India on a quicker recovery path than has been the case in other nations,” the Finance Ministry said in a report on July 6. If we are patient, the rising tide will lift all boats as it has begun to.” The report said that despite unprecedented global challenges in the last few years coming on top of balance sheet troubles in Indian banking and non-financial corporate sectors, “macroeconomic management has been stellar. It contributed significantly to enhancing India’s macroeconomic stability and set India on a quicker recovery path than has been the case in other nations.” Observing that a critical cog in the wheel of economic growth in FY23 was the disciplined fiscal stance of the Central government, the report said, the year ended with a lower fiscal deficit compared to the previous year. “The country’s impressive growth experience in FY23, when the world economy was rocked by inflation and restrained by monetary tightening, is a narrative on what works or does not work for the Indian economy,” it said, adding, what clearly works for India’s economy is the strength of its domestic demand.

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