ABSTRACT

Global trends and their repercussions for the Indian economy dominated the economic discourse in India as much as the sharp growth deceleration and erosion of macroeconomic strength during the first half of 2013. The deteriorating condition of most economic indicators, and especially the Current Account Deficit (CAD), triggered a fresh round of reforms. However, the impact of various policy announcements was yet to reflect on growth as India headed into the second quarter of fiscal year 2013-14 and highlighted the economy’s vulnerabilities. Going forward, India would need to buttress its domestic economy considerably to build up economic security and deal with continued distressed global conditions.