P Chidambaram writes: To grow at 7.5 per cent or not

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The Reserve Bank of India’s mandate is price stability. However, it has joined other central banks in adapting its mandate to the objective of sustainable growth. It is therefore helpful when the RBI lays out a path for the growth of the economy — a duty often lost sight of by the government of the day that is focused on political goals. All the information that is available points to a period of slow growth in the world economy and in India. The essay in RBI’s Bulletin (July 2023) on State of the Economy has, referring to the world economy,...