Question

remedies to overcome economic backwardness​

Answer 1

Answer:

Faced with its worst economic crisis in decades prompted by the corona outbreak, India’s GDP growth is likely to shrink by 5% in FY 2020-21, according to Goldman Sachs. That will lower tax collection, and cap government’s ability to spend and support growth. No wonder, despite strong pressure from India Inc for large fiscal stimulus, Modi government has primarily relied on loan guarantees and liquidity support as there is little room to relax fiscal deficit target without inviting ratings downgrade.