CLASS No. . . . . : ^ . 9 : . l ^ . BOOK No M.fi.fc

In spelling out some of these steps during his presentation the speaker had, even while making a mid-year assessment, gone beyond the projections of the previous Indian budget to analyse the long-term trends in the macroeconomic performance of the Indian economy, the outlook, and the policy responses required to meet the challenges. [...] It also discusses the causes of the crisis which points a finger at the continued profligacy of the US economy fostered by the government over the past 7-8 years to be the root cause of the crisis. [...] Long Term Trends in the Macroeconomic Performance of the Indian Economy: Outlook for 2008/09 and Beyond Before discussing the outlook for the Indian economy in the current year and beyond, a word on the long-term trends in the Indian economy would be in order to serve as a background. [...] The Indian economy has developed a remarkable resilience to external and internal shocks as has been demonstrated over the past decade when it survived the effects of the East Asian crisis, slow down of the world economy towards the end of the 1990s, and the oil price shocks without much disruption. [...] While agencies such as the IMF have downgraded the growth outlook for India for 2009 and 2010, the EAC of the PM also expects the Indian economy to turn the corner in the second half of 2009/10 and cloak a rate of growth between 7 and 7.5 per cent or thereabouts.