'Fiscal and monetary space is more constrained in developing countries because of inflation and high borrowing cost.'
The direction of gold prices will depend on central banks, bullion banks and leveraged hedge funds.
India's economy is unlikely to see double-digit growth and may grow between 8 per cent and 9 per cent this fiscal year (2021-22, or FY22), against the estimated 11.5 per cent, according to leading economists and rating agencies. The downward revision of growth projections to as low as 10 per cent is mostly on account of stringency in restrictions by states, relatively slow vaccination pace, and the possibility of a third wave of the pandemic. However, they say the impact will not be as severe as the first wave, and expect the first quarter to see positive growth.
There's no silver bullet to get rid of poverty, says Alok Sheel.
Voices from the Treasury are clamouring for lowering rates as this would boost demand.
Instead of targeting global imbalances per se, the narrative must change to the structure and direction of such asymmetries.
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