The first five months of 2023 have witnessed at least six major events/trends that augur badly for global economic and socio-political prospects, points out Shankar Acharya, former chief economic adviser to the Government of India.

The country's demographic dividend is dissipating, with seriously adverse consequences for young India, asserts Shankar Acharya, former Chief Economic Adviser to the Government of India.

The employment situation remains dire. Whatever can be done to promote greater low-skill employment should be pursued aggressively, advises former chief economic adviser Shankar Acharya.

Macroeconomic management is usually a lot more comfortable with lower fiscal deficits. The sooner we get there, the better for the economy, says former Chief Economic Adviser to the Government of India Shankar Acharya.

From Covid to climate change, Shankar Acharya's look at some of the trends and events that might shape 2022.

The substantially increased economic dualism may exert lasting negative influences which could include a reduced potential for economic growth; the persistence of a very weak employment and poverty situation; rising social and political discord; and heightened vulnerability to geopolitical challenges, cautions Shankar Acharya, former chief economic adviser to the Government of India.

Expect a more modest out-turn of around 5 per cent (if not less) because of the longer-term scarring effects of the Covid shock, the sharply slowing growth in the pre-Covid years and some scepticism about the growth-efficacy of some of recent official policy initiatives, explains Shankar Acharya, former chief economic advisor to the government.

My candidate for the best general of the last century hailed from a little, poor colonised Asian nation whose impact on world affairs rarely amounted to much, notes Shankar Acharya.

India's likely medium-term potential growth will almost certainly be markedly lower than that experienced in pre-pandemic years, warns Shankar Acharya, former chief economic advisor to the Government of India.

We will find it difficult to exceed an average of 5 per cent growth in the medium term, warns Shankar Acharya, the former chief economic adviser.

The budget-making exercise offers golden opportunities despite challenges, observes Shankar Acharya, former chief economic adviser to the Government of India.

Risk aversion is currently a dominant depressant to economic recovery, points out Shankar Acharya, former chief economic advisor to the Government of India.

'China need not worry about a truly 'resurgent India'.' 'It's not going to happen.'

'The rise in unemployment, underemployment, discouraged workers and job insecurity is likely to continue, with very adverse consequences for the nation's economic well-being and social cohesion,' warns Shankar Acharya.

'Tax cuts will have only marginal effects in the short run and significant positive effects in the medium term,' says Shankar Acharya, former chief economic adviser to the Government of India.

'The new government will have to contend with slowing economic growth, weak private investment, anaemic exports and vulnerable external imbalances, a stressed financial system, mounting fiscal pressures (including high government debt-to-GDP ratios) and an exceptionally bad employment situation,' says Shankar Acharya, former chief economic adviser to the Government of India.

The trio, 'twin shocks' of demonetisation and GST, 'twin balance sheet' problem that has been weakening India's banking system and the 'twin deficit' problem will continue to challenge economic management and performance in the year ahead, says Shankar Acharya.

In its essence, GST is a national level system of value added taxation of goods and services, says Shankar Acharya.

To do so, the government will have to tackle a number of broad development challenges successfully, says Shankar Acharya

India's fiscal deficit trends are a bit like an alcoholic trying, unsuccessfully, to reform. Virtue does not last for too long, says Shankar Acharya.