Open AccessIndia’s macroeconomic challenges for achieving all round development during Pre and Post-Global 2008 Crisis
Author(s) -
Sunil Kapadia,
Venu V. Madhav
Publication year - 2017
Publication title -
focus : journal of international business
Language(s) - English
Resource type - Journals
eISSN - 2395-258X
pISSN - 2347-4459
DOI - 10.17492/focus.v4i01.9536
Subject(s) - balance of payments , inclusive growth , financial inclusion , fiscal space , position (finance) , economics , context (archaeology) , financial crisis , development economics , economic policy , social protection , fiscal policy , business , economic growth , poverty , international economics , macroeconomics , finance , financial services , paleontology , biology
The study presents an overview of India’s macroeconomic challenges with special reference to the fiscal policy development and economic liberalisation subsequent to the country’s balance of payments crisis in 1991, and global financial crisis of 2008. It highlights the need to achieve efficiency in utilising the country’s resources in addressing social and economic challenges, with a view to achieving inclusion and all round development. The paper concludes with an attempt to understand India’s current fiscal and financial position as well as highlighting various bottlenecks which India needs to address. These include narrowing the gap in living standards, reducing rising inequality, improving social and economic inclusion, implementing pending reforms, and better targeting of social expenditure. There is a need to remain focused on creating the supply side engines of growth in key areas such as energy, natural resources, and human capital, and institutional reforms for improving the country’s overall economic growth, particularly in the context of the weak and challenging global environment.