.......We face twin challenges as an economy. First, our growth rates are slowing down and the investment cycle has more or less broken down. Secondly, domestic consumption has led to inflation sustaining at over six per cent, which has led to RBI keeping interest rates high. Thus, the government needs to contain consumption and boost investments. Fiscal consolidation is imperative from the government to move the needle on the inflation front, to nudge RBI to start cutting interest rates. On the other hand, to kick-start the investment cycle, it would be critical to bring clarity on policy measures, especially for sectors like power, telecom and mining. This would make investors feel comfortable that after having invested/or committing significant capital, policies are stable enough for them to earn reasonable returns.......
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