Inured to suffering,yet hopeful in strife

The Euro crisis reiterated a lesson, that fiscal policy / monetary-policy regime influence  the depth and duration of  economic downturns  and the time for its recovery. A plethora of big ticket welfare schemes by the UPA-II riding a hubris of growth  in its earlier avatar, laid the ground for ponderous deficits  leading to an adamant inflation that stunted growth. Food inflation is a different story altogether and a change of government alone is no remedy and we will have to endure it till growth is re railed.That makes  IIP of more material concern . This is showing steady improvement The fiscal adage  that  current spending  be balanced by taxation and that  reducing deficits on current spending is justified  only if it be  replaced by capital-spending programs will hold.When  carried out in tandem , the nation would ensure that its people can buy and its industries can produce Money and effort spent on Power and other infrastruture in the coming months will serve  the economy well.True the next six months would also see us dealing with an afflicted monsoon, volatile crude and a new government settling in and straightening out its priorities.If we can manage to downtrend inflation and uptrend growth ,even in small steps ,we might  wake up to a happy new year.
Pub Business Standard Jun 18
http://www.business-standard.com/article/opinion/letters-inflation-and-growth-114061701273_1.html