Globally, inflation is now the prime concern of governments, even as there is a speculation that a recession may not be far behind. In India, though, government agencies regularly announce that the country is growing at a much faster rate than most economies and presently assert that inflation is much lower. The growth performance is not so surprising given that among the larger economies of the world, India’s economy contracted the most in 2020-21. But despite the sharp recovery, real output in 2021-22 was barely higher than in the pre-pandemic year of 2019-20. (Read More)
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