Resurgent India

In the backdrop of the Coronavirus having wreaked havoc on nations across the world and adversely impacting economic growth of countries, the government and monetary authorities,such as the Reserve Bank of India, stepped forward with conventional as well as unconventional stimulus measures. This was the time for the Government and fellow Indians to reboot, redraw, and reinvent the wheel of progress, and paint a new standing in the World Economic Order. Thus, in light of the above-mentioned macroeconomic scenario existing in India in June 2020, the authors decided to continuously examine the important measures and policies announced by the Government and evaluate its impact on the country. Part 1 of the book traces the preceding trends in the economic growth of the country during 2010-20, the initial impact of the virus on the Indian economy, the macroeconomic perspectives, including the required fiscal measures through the very first post-pandemic budget, i.e., for 2021-22, and the country's progress on the path to economic recovery in the first quarter of 2022. Part 2 critically analyses policy initiatives undertaken by the Government for achieving an Atmanirbhar Bharat (self-reliant India), short-term and long-term structural reforms, agricultural reforms, the six pillars on which the union budget 2021-22 has been formulated, and bold measures like the proposal for asset monetization of PSUs and government's re-think on retrospective taxes. Part 3 lays out a roadmap of policy suggestions which warrant government focus and attention to make India into a self-reliant nation. These initiatives can help in achieving the dream of doubling farmers' income and making India into a global manufacturing hub. This section also discusses the importance of cooperative federalism and challenges before the government in making India into a self-reliant nation, especially in terms of administrative machinery and the judicial system.