4 min read.Updated: 30 Dec 2021, 01:21 AM ISTAjit Ranade
Let’s rely on labour-intensive exports to feed a Western boom among the various efforts we must make to tackle jobless growth
The New Year is upon us and Omicron is ominously clouding the horizon, dampening consumer sentiment and making India’s economic recovery fragile. The growth outlook depends on a symbiotic and psychological relationship between consumer sentiment and business confidence. If consumers are spending with gusto, it means they don’t have income or job anxiety. That can happen only when businesses are hiring with great enthusiasm. But businesses will do that only once they see signs of a demand revival, which in turn depends on consumer sentiment. To break this somewhat self-fulfilling cycle of pessimism, you need a big-bang shake-out stimulus, or some other sentiment booster.
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