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Monday, Sep 20, 2021
Outlook.com

End Of Economy Blues

Doomsayers could be proved wrong again because a more "correct" economic policy is now in place.

End Of Economy Blues
End Of Economy Blues
outlookindia.com
-0001-11-30T00:00:00+05:53

THERE is considerable reason to be optimistic about the future of the Indian economy. Several factors lead one to conclude that the economy has likely bottomed out, and that one can look forward to close to 7 per cent growth in the gross domestic product (gdp) in 1999-2000. Despite the best efforts of some, India is integrating into the world economy; the successful listing of Infosys on Nasdaq is the latest example of this trend. While international organisations like the World Bank are sceptical of a recovery in world gdp in 1999, others (for instance, we at Oxus Fund Management) believe that 1999 gdp growth will be close to 2.7 per cent, or a reasonably sharp recovery from the round 2 per cent that was posted for 1998. This should mean that the Indian economy can obtain a stimulus from external demand and that Indian exports can (again) grow at close to double-digit rates.

On the domestic side, Yashwant Sinha's budget has been a breakthrough in one important respect-it is the first budget to (almost) explicitly integrate fiscal policy (that is, what the budget does) with...

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