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EGROW webinar by Col(Dr) Mohinder Pal Singh

ASSOCHAM & EGROW 15th SMPC on Apr 3, 2021
Key Takeaways
  1. The rise in COVID cases has been exponential as compared to last year. Normalcy may take longer than expected.
  2. Private investment was down and more public investment did not take place as expected.
  3. Funding fiscal deficit will be a major challenge
  4. GST collection has been in record high which is good sign during this pandemic.
  5. The quantum of liquidity should remain unchanged.
  6. The MPC has to strike a balance between elevated core inflation and headwinds for growth emerging from the second wave of the pandemic.
  7. The RBI and the Government should consider pausing/suspending Inflation Targeting for a year and focus exclusively on growth and investment - 1 member.
  8. RBI should keep Interest rate low to help in government huge borrowing plan.
Recommendation of EGROW Shadow MPC

Members of EGROW SMPC - 5
Stance -
Accommodative - 5 members
Repo Rate -
Retain at 4 percent - 4 members
Reduce by 25 bp
Non Members - 3
Stance - Accommodative - 3
Repo Rare- Retain - 3

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EGROW Webinar by Surjit Bhalla

EGROW Webinar by Chetan Ghate


Past papers of EGROW Researchers

Arvind Virmani … Economics papers … Investment: Corporate India and Households (September 2017) Deceleration, Demonetization and GST: Growth Prospects and Policy Solutions (September 2017) Fall and Rise of India (October 2013) A New Regional Doctorine for India (April 2013) Under Nourishment in Children: Causes of Inter country variation (October 2012) Building a New Global Financial Institution…
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Future of Indian Banking from Public Policy Perspective

Download the paper in pdf … Abstract … Technology and social control on banks has helped in achieving a high degree of financial inclusion but the contribution of banks in channelizing financial savings to productive sectors has been sub-optimal due to large public sector debt and decline in financial savings in an increasingly consumption-driven economy. Desktop analysis of the annual reports of…
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Policy for Post-Lockdown Indian Economy

Arvind Virmani
Download the paper in pdf … The Indian economy is during Q2 and Q3 of 2020-21, in the transition from Lockdown to Normalization. Starting around March 21, 2020 the Indian Govt imposed one of the most comprehensive lockdowns, w imposed anywhere in the world. Only essential goods and services, constituting an estimated 40% of GDP and 55% of employment were exempt from the lockdown [Virmani and…
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Board of Directors

Arvind Virmani
Charan Singh
Chief Executive
Ashok Vishandass
Rattan Chand
Mohinder Pal Singh



11-Mar-2021 Charan Singh