The
few days old Volume II of the Economic Survey by Ministry
of Finance shows a GVA growth rate much less than that
of the previous year, and that too artificially boosted
by seasonal variations in non-core sectors. This deceleration
is most likely to continue, with growing NPAs and plunging
exports, and interest rate cuts will not help in a demand-constrained
economy unless the government starts thinking beyond
"fiscal rectitude". |
