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Introduction

In: Macroeconomic Policy in India Since the Global Financial Crisis

Author

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  • Sebastian Morris

    (Goa Institute of Management
    Indian Institute of Management Ahmedabad)

Abstract

In this book, we bring out the performance of the Indian economy, and review the approach of macroeconomic policy especially demand management in the Indian economy, since the Global Financial Crisis. We also consider the COVID crisis and its impact, and the measures adopted to mitigate its effects by both the government and the central bank focusing on the macroeconomic dimensions of the various initiatives. We also cover the issues related to manufacturing performance in India. At end of November 2021, the economy showed a mixed response with the stock market rising sharply though the recovery was modest, and as on date is yet to go decisively over the levels reached in 2019 a year before the crisis. There is much hope though that the capital investments cycle which had been depressed almost since 2012–13 would revive based on the government’s initiatives in manufacturing, and due to the positive effects (for India) from the vastly changed global economic environment, especially those related to China, and its relationship with Europe and US, especially the latter. The institution of GST has created disincentives against investment support on the part of regional governments, and the institutional mechanism also makes it difficult to quickly use tax cuts as countercyclical policy and puts an upward political bias to keep rates high. We also lay out an enhanced macroeconomic framework that recognizes shocks that heighten uncertainty increasing the portfolio demand for money, as the role of “structural” policies on the capacity (full employment) output in macroeconomic management. We bring out the limitations in the CPI that is used by policymakers including in the core CPI. We also take into account the correction required in the new GDP11-12 series which had in the early years overestimated the growth in the Indian economy. This chapter covers the conceptual enhancements to the standard macroeconomic framework and also provides a synopsis of the coverage and results brought in other chapters of the book.

Suggested Citation

  • Sebastian Morris, 2022. "Introduction," India Studies in Business and Economics, in: Macroeconomic Policy in India Since the Global Financial Crisis, chapter 0, pages 1-21, Springer.
    • Handle: RePEc:spr:isbchp:978-981-19-1276-4_1
    DOI: 10.1007/978-981-19-1276-4_1
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    Cited by:

    1. K. de Jaegher, 2007. "Communication Networks in the N-Player Electronic Mail Game," Working Papers 07-10, Utrecht School of Economics.
    2. Matthew O. Jackson & Agathe Pernoud, 2021. "Systemic Risk in Financial Networks: A Survey," Annual Review of Economics, Annual Reviews, vol. 13(1), pages 171-202, August.
    3. Çağıl Koçyiğit & Garud Iyengar & Daniel Kuhn & Wolfram Wiesemann, 2020. "Distributionally Robust Mechanism Design," Management Science, INFORMS, vol. 66(1), pages 159-189, January.
    4. Kiho Yoon, 2021. "Robust double auction mechanisms," Papers 2102.00669, arXiv.org, revised May 2022.
    5. Hitoshi Matsushima, 2020. "Implementation, Honesty, and Common Knowledge," CARF F-Series CARF-F-500, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    6. Matsushima, Hitoshi, 2022. "Epistemological implementation of social choice functions," Games and Economic Behavior, Elsevier, vol. 136(C), pages 389-402.
    7. Díaz-Chao, Ángel & Ficapal-Cusí, Pilar & Torrent Sellens, Joan, 2014. "Workplace or working environment? Job quality and economic crisis in Spain," EconStor Preprints 162057, ZBW - Leibniz Information Centre for Economics.
    8. He Lu Calvin Ong & Senthu Jeyaraj, 2014. "Work–Life Interventions," SAGE Open, , vol. 4(3), pages 21582440145, July.
    9. Feldmann, Carsten & Kaupe, Victor & Lucas, Martin, 2020. "A procedural model for exoskeleton implementation in intralogistics," Chapters from the Proceedings of the Hamburg International Conference of Logistics (HICL), in: Kersten, Wolfgang & Blecker, Thorsten & Ringle, Christian M. (ed.), Data Science and Innovation in Supply Chain Management: How Data Transforms the Value Chain. Proceedings of the Hamburg International Conference of Lo, volume 29, pages 113-151, Hamburg University of Technology (TUHH), Institute of Business Logistics and General Management.
    10. Hitoshi Matsushima & Shunya Noda, 2020. "Unique Information Elicitation," CARF F-Series CARF-F-496, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    11. Hitoshi Matsushima & Shunya Noda, 2020. "Epistemological Mechanism Design (Revised version of CARF-F-496)," CARF F-Series CARF-F-498, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo, revised Feb 2021.
    12. Amine Allouah & Omar Besbes, 2020. "Prior-Independent Optimal Auctions," Management Science, INFORMS, vol. 66(10), pages 4417-4432, October.
    13. Ram Avtar & Saurabh Tripathi & Ashwani Kumar Aggarwal, 2019. "Assessment of Energy–Population–Urbanization Nexus with Changing Energy Industry Scenario in India," Land, MDPI, vol. 8(8), pages 1-19, August.

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