Demand creation is a real problem confronting the country. This can be achieved by a positive development oriented budgetary policy as we must recognise the limits of a strategy based largely on monetary policy. As the PM observed, “we are in a typical Keynesian situation where there is a lack of demand; private sector demand is weak; but strong governments demand both for social services and for investments will provide the necessary stabilisers our country needs”.
The writer is chairman, Administrative Reforms Commission
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