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Economy

India’s hunt for animal spirits: Lessons in economic management from Asian powerhouses can help

On Friday, the Modi government moved to arrest the growth slowdown with a raft of measures to boost systemic liquidity and demand. But India needs another round of structural reforms to sustain high growth rates over the medium to long term. And here, it can learn invaluable lessons from the best practices of economic powerhouses in Asia — Singapore, China, and Malaysia.
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madhavankutty-g
26 Aug 2019 8 Mins Read 0 comment
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Most, probably, of our decisions to do something positive, the full consequences of which will be drawn out over many days to come, can only be taken as a result of animal spirits.... Thus if the animal spirits are dimmed and the spontaneous optimism falters, leaving us to depend on nothing but a mathematical expectation, enterprise will fade and die...
money in people’s hands. This should alleviate a demand slowdown. The Q1 growth numbers for FY20, to be out on August 31, will help gauge the severity of the slowdown. Structural reforms, rather than merely a stimulus, are the permanent solution. That is where the experience of our Asian peers will come handy. ( Graphics by Abdul Shafiq)
Most, probably, of our decisions to do something positive, the full consequences of which will be drawn out over many days to come, can only be taken as a result of animal spirits.... Thus if the animal spirits are dimmed and the spontaneous optimism falters, leaving us to depend on nothing but a mathematical expectation, enterprise will fade and die... money in people’s hands. This should alleviate a demand slowdown. The Q1 growth numbers for FY20, to be out on August 31, will help gauge the severity of the slowdown. Structural reforms, rather than merely a stimulus, are the permanent solution. That is where the experience of our Asian peers will come handy. ( Graphics by Abdul Shafiq)

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