Governments need to be held accountable for their decisions regarding spending and revenue, the paper said.
The case for fiscal stimulus is well presented. But that’s not all. For India to become a $5 trillion economy by 2024, doubling down on fiscal reforms cannot be overstated
The ratings agency S&P raised its India GDP growth forecast to 7.9 percent from 6.2 percent for the year ending March 2016, citing as well rising investment and low oil prices.
"2014 has been another year with an unexciting headline return," with the MSCI Asia Pacific ex-Japan index (MXAPJ) up only around 3 percent after a selloff in September wiped out earlier gains, Goldman said in a report Monday
"While the FY15 targets are challenging, recent steps on fuel reforms, coupled with austerity measures, could enable the govt to meet its 4.1 percent fiscal deficit estimate," it said.
The fall in the rupee to record lows has raised the prospect that the government or the central bank could take steps to support a currency seen particularly vulnerable because of a record high current account deficit.
Promising more reforms initiatives in the next two years, Indian Finance Minister P Chidambaram said that there was no serious threat of downgrade of the country's credit rating by Standard and Poor's.
Fiscal reforms alone are not enough for Indian economic growth and human resources and government reforms also have to play a part, Corporate Affairs Minister M Veerappa Moily said today.
Manpreet Gill, from Standard Chartered believes that the lack of new reform measures and strong decisive measures in India to rein in the deficit is a concern for foreign investors.
Siddharth Zarabi of CNBC-TV18 catches up with R Gopalan, secretary of the Department of Economic Affairs to understand how the G20 summit went and what exactly India’s key contributions were.