We shall see a rejuvenated India in 2017

Abstract

Structural reforms such as GST, Bankruptcy Code and demonetisation will lead to positive economic and behavioural spin-offs Year 2016 turned out to be fast paced and eventful, punctuated by significant and unpredictable political and economic changes. Two key global shifts have managed to define how 2016 shaped up.

The rise of populism in the globalised world economy has never been as palpable as it was in 2016, highlighted by events such as Brexit, the US Presidential election, and the recent referendum on reforms in Italy.

With global economic recovery still remaining subdued, the popular discourse over relentless use of unconventional monetary policy support has now started to pave way for a prudent fiscal policy role in countries like US, UK, and Japan.

These global undercurrents will continue to dominate economic and financial outcomes in 2017.

For India, the year 2016 saw its multilateral acknowledgement as an Oasis of Opportunity. The transition from a state of crisis of confidence in 2013 to a bright spot in a cloudy global horizon is not an accident. Clairvoyant and meticulous policy design has ushered in this economic turnaround. Reduction in retail inflation and compression of the twin deficits are critical macro accomplishments. To achieve this, the government has been continuously utilising the executive space to deliver not only high-impact micro reforms but also critical structural reforms that have begun to redesign our macro frameworks and institutions. Read more at: https://www.thehindubusinessline.com/opinion/we-shall-see-a-rejuvenated-india-in-2017/article9451775.ece