Category

Ashima Goyal

Home » Ashima Goyal

10 posts

Bookmark?Remove?

Economic policy, beyond the elections

 - 

BusinessLine It is unfortunate that debate even on economic issues such as GDP growth and measurement has become politicised, thanks to the election. What one government can achieve depends on what past governments were able to do. For India a long view shows ... More »

Bookmark?Remove?

Monetary policy in the shadow of polls

 - 

BusinessLine Implementing inflation targeting well can be challenging in an emerging market. Flexibility is essential for good policy, so is good timing. A related key issue is the quantum of adjustment. The MPC took the correct call in cutting rates last time... More »

Bookmark?Remove?

Sustaining high growth with low inflation

 - 

BusinessLine The key issue facing India is how to sustain high growth with low inflation. Its post reform growth has been volatile, and aborted by episodes of high inflation. A useful way to think about the problem is to understand how despite Indian output be... More »

Bookmark?Remove?

Voters’ dilemma: Populism or inclusive growth?

 - 

BusinessLine There has been continuity in reforms under different governments since the early nineties. The Narasimha Rao government initiated liberalising reforms in many dimensions, NDA I carried it forward. Its special impetus on road building and competiti... More »

Bookmark?Remove?

Pitfalls of too much conservatism

 - 

BusinessLine The story we were told, when India embarked on a conservative fiscal-monetary policy with structural reform in 2011 — and re-emphasised in 2013 — was that this would lead to sustainable high growth and low inflation. India did all that the conserv... More »

Bookmark?Remove?

Growing resilience to external shocks

 - 

BusinessLine Throwing a stone in a shallow pond may cause large ripples, but hardly disturbs a deep lake. A diverse system has the capacity to absorb shocks, much as portfolio diversification reduces financial risks. Holding many types of assets means that a l... More »

Bookmark?Remove?

Arriving at a fair value of the rupee

 - 

BusinessLine This year rupee volatility created a buzz because it came after four years of relative stability, and a reversal of the trend appreciation of 2017. In earlier episodes of global-shock-led depreciation in 2008, 2011 and 2013, a major worry was on i... More »

Bookmark?Remove?

Farm support prices come with hidden costs

 - 

BusinessLine The domestic debate has tended to conclude that the rise in MSP announced in the Budget is an essential part of achieving the government’s objective of doubling farm incomes. But MSP stands for minimum support prices and is an instrument designed ... More »

Bookmark?Remove?

The MPC will be walking on eggshells

 - 

BusinessLine The long-run impact of higher crude oil prices and a weakening rupee on the current account and fiscal deficits depends on countervailing forces and actions. For example, although imports rise, so do value added oil exports as well as remittances.... More »

Bookmark?Remove?

The economy suffers from a trust deficit

 - 

BusinessLine A major reason for the growth slowdown in India since 2011 is the atmosphere of suspicion and mistrust. As the economy started creating wealth, there were fears that some were cornering this illegally. It began with telecom. The government’s audit... More »