Titlebook: Macroeconomic Policy in India Since the Global Financial Crisis; Trends, Policies and Sebastian Morris Book 2022 The Editor(s) (if applicab

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Macroeconomic Policy in India Since the Global Financial CrisisTrends, Policies and

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Trends in Growth Since the GFC,ring, and the trade, transport, storage, and communication sectors too show trends which are broadly similar, and the low growth from 2011 to 2012 onwards is supported by the lower rate of gross capital formation in India.

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The COVID Crisis and Response,, in ways that were quite radical for the RBI. In contrast during the GFC the RBI had to be persuaded to act. There were no arguments against the need to adopt supportive and expansionary monetary measures, and the governor with no doctrinaire blinkers could address the reality. However, the governm

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GST and the Discrimination Against Production Oriented States,pensation scheme that protects revenue at 14% growth for 5 years would be unfair to the producing states once the 5 years are over. As GST impacts the locational choices of new investments, the lack of fiscal incentives for states to attract and nurture investments, unless corrected, would have dele

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Conclusions,when the fiscal stimulus was being withdrawn. Almost until 2018, the RBI kept a hawkish stance. Other actions such as underspending in relation to budgets (which happened during the first two budgets of Modi-I),  the early bans by the courts of important activities, the nearly unconditional pursuit