Just to make everyone happy.

"India's growth troubles appear to be over, and the economy -- one of the hardest hit by the Covid-19 pandemic -- will see a turnaround and move upward from here, with the massive spending announced by the Center, hoping to lift the economy out of one of the world's worst disruptions caused by the pandemic, the Reserve Bank of India (RBI) Governor, Shaktikanta Das said." You don't need a degree in economics to say that, after the country was brought to a standstill on 25 March 2020 when Prime Minister Narendra Modi announced a lockdown with just 4 hours notice, setting of a frenzy of panic buying as people crowded into shops to buy essentials. "On March 25, when India had reported only 500 cases, the country went into one of the strictest lockdowns in the world. The first set of curbs remained in place till April 14 and was extended four times, each time with gradual relaxations. The rest of the world adopted different models," reported Hindustan Times. All production came to a halt as millions of suddenly unemployed migrant workers walked hundreds of miles back to their villages. "The 11.5% growth projected by the International Monetary Fund (IMF) for India in fiscal 2022 will be largely mechanical, as the economy normalises from an 8% contraction in the ongoing fiscal year, IMF chief economist Gita Gopinath said." Which meant that, the economy must grow as people do whatever it takes to survive. Budget for 2021-22 was presented to Parliament on 1 February. "Finance Minster Nirmala Sitharaman loosened the fiscal purse strings in a decisive budget that sought to boost growth and pursue wide-ranging reform measures, without imposing additional burdens on taxpayers and consumers," wrote Aprana Iyer and Asit Ranjan Misra. "The government will spend Rs 5.54 trillion towards capital expenditure in FY22, a 26% jump from what it spent in FY20 -- Rs 3.35 trillion." The fiscal deficit will be high at 6.8% of GDP this year, "But the government deserves kudos for not worrying about what the rating agencies would say, and staying focused on the task of reviving the economy," appreciated TK Arun. "The task of fiscal consolidation has been pushed back, sensibly." So, will India be the land of milk and honey? Seems that the extra spending by the Center will be by depriving the states of Rs 2.7-3 trillion in compensation for GST shortfalls, thus cutting capital expenditure of the states. Non-performing assets of banks are being understated by banks. said Saswata Guha, as the government suspended the insolvency law for one year to protect companies from bankruptcy. "The government should restart the Insolvency and Bankruptcy Code (IBC) process, suspended since March 25, 2020 to revive the economy. Simply extending the moratorium will only add to the stress in the system, without bringing relief to companies or banks," wrote an editorial in the Economic Times. The Index of Industrial Production (IIP) contracted in financial year 2020-21 (FY21) "over a base that contracted in FY20", wrote Udit Misra. "The maximum contraction is happening in the two sectors -- manufacturing and mining -- which are also the most crucial sectors for creating jobs." India and Philippines would be most vulnerable to a taper tantrum, warned S&P. If the US Federal Reserve starts reducing its bond buying program. Lots of traps waiting. But, no harm in a bit of kidology.