Subhash Chandra Garg- Economy, Finance and Fiscal Policy Strategist

Economic Slowdown Gets Deeper CSO released second quarter GDP growth numbers today. GDP growth in real terms slipped to a decade low of 4.5%. GDP growth for the first half 2019-20 is now only 4.6%. Growth has slipped by 2.7% compared to the first half growth last year. India has rarely witnessed sub 5% quarterly growth ever since economic reforms were initiated in 1991 to make India a market economy. Leading indicators of October, including the core industries numbers released today, suggest that growth slowdown is likely to continue in the third Quarter as well. Several institutions expect India’s growth for 2019-20 to be below 5%. It looks most likely to be the case in the light of what is happening in the economy. Technically India is not in a recession as defined in the context of advanced economies which grow at only 0-3% normally. For the emerging market leader economy of India, which has grown in excess of 7.5% per annum for 20 years, a full year growth of less than 5% of

I HAD PUBLISHED A NOTE LISTING OUT HUNDRED MAJOR ECONOMIC, FINANCIAL AND GOVERNANCE POLICY REFORMS AND INVESTMENT STIMULATING MEASURES WHICH INDIA NEEDS TO TAKE TO BUILD THE $10 TRILLION ECONOMY BY EARLY 2030s. THIS NOTE IS AVAILABLE AT subhashchandragarg.blogspot.com. THIS NOTE SUMMARISES THE MEASURES PROPOSED FROM SECTORAL AND THEMATIC PERSPECTIVE. THIS IS ALSO AVAILABLE at subhashchandragarg.blogspot.com . 19. India a Developed Nation in 2030 •       India was a poor nation in 1950s. International Development Agency (IDA) was created largely to help finance India’s development needs. At one stage, over 40% of annual financing of IDA was committed to India. •       India has transformed from low income country to a lower middle-income country some years back and now moving stridently towards becoming an upper middle-income country. •       In line with the changing profile of the country, India has gradually eliminated taking aid from bilateral donors. In

THIS NOTE LISTS OUT HUNDRED MAJOR ECONOMIC, FINANCIAL AND GOVERNANCE POLICY REFORMS AND INVESTMENT STIMULATING MEASURES WHICH INDIA NEEDS TO TAKE TO BUILD THE $10 TRILLION ECONOMY BY EARLY 2030s. THIS NOTE IS BASED ON MY UNDERSTANDING OF THE ECONOMY AND FINANCE DEVELOPED LARGELY DURING MY STAY IN FINANCE MINISTRY AS SECRETARY ECONOMIC AFFAIRS. I WOULD NOW DELVE DEEPER INTO THESE POLICY MEASURES FROM THE MACRO-ECONOMIC, SECTORAL AND BUSINESSES AND GOVERNANCE PERSPECTIVE TO BRING OUT BETTER ANALYSED, ARGUED AND PERSUASIVE POLICY PAPERS FOR CONSIDERATION OF POLICY MAKERS, BUSINESSMEN, ACADEMCIANS AND IN GENERAL FOR THE PEOPLE OF INDIA. I HAD LEFT A COPY OF THIS NOTE WITH THE SENIOR FUNCTIONARIES OF THE GOVERNMENT OF INDIA BEFORE I DEMITTED MY OFFICE ON 31 ST OCTOBER 2019 SUBHASH CHANDRA GARG 07/11/2019 NEW DELHI Economic, Financial and Governance Policy Reform Agenda A NOTE ON POLICY MEASURES FOR Building a $10 trillion Indian economy by earl