Soumya Kanti Ghosh

The writer is the chief economic advisor with the State Bank of India.

Articles By Soumya Kanti Ghosh

India’s growth story is far from over. But govt must incentivise household savings, spur consumption

Given a large jump in household leverage, monetary policy is unlikely to retain the effectiveness through large rate cuts in the current scenario. Only a counter cyclical fiscal response might address the core of the current problem.

Demand slowdown: A coordinated policy response, addressing both structural and cyclical factors, is needed

The slowdown in demand is a fact, but the consensus that banks are not extending enough credit to help us navigate through the current slowdown is misplaced. This is a false narrative as Economics 101 suggests a bi-directional causality between economic growth and credit off-take.

Government should target a structural deficit as an alternative to the fiscal deficit

The figures on the expenditure side of GDP do not foretell a promising picture. The decline in private final consumption expenditure is a matter of concern, though an increase in government final consumption expenditure has been able to offset it.

Union Budget 2018, Expert Explains: Maintaining momentum, says Soumya Kanti Ghosh

Around 70 per cent of farm land is being cultivated by tenant farmers who have no access to bank loans. So the move to grant them access to bank credit will significantly reduce rural debt. The idea of ‘Operation Green’ is also a welcome step

Case for a fiscal push

Policy should focus on recapitalising banks, giving incentives to sectors like telecom and housing, and alleviating the disruption caused by demonetisation and GST

Budget for Everyone

For FY18, the Government Borrowing is budgeted at Rs 6.05 lakh crore and a net borrowing requirement is pegged at Rs 3.48 lakh crore taking into account repayments of Rs 2.56 lakh crore.

Empowering women through JAM

State Bank of India data suggests that states that have traditionally lagged behind in terms of economic growth are seeing more traction in women entrepreneurship through the Mudra route.

3 reasons to justify rate cut on June 18

And many more for any monetary policy action to be supplemented with reforms to reverse the negative perceptions.

Last straw on the fisc back

The huge expenditure on the food bill,with the attendant leakages,could well make fiscal recovery impossible

Can RBI move ahead of the curve?

There is now increasing apprehension that,for the 12th time in succession,RBI will resort to monetary tightening in September.

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