ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Growth Prospects Recede as Macro-Economic Situation Slips Out of Control

The economy is in a vicious trap of deteriorating macro scenario resulting from the operation of the new economic policies. The dictates of globalisation have required lowering of customs duties and reduced public investments. Both of these have meant a narrowing of the home market and dependence on the private sector to promote growth. This has required incentives to capital through tax cuts which have led to larger budgetary deficits and lower public investments. These and other policies have shifted the distribution of national income in favour of the propertied and further narrowed the home market and reduced the prospects for growth.

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