19 On the desirability of investment rates at 30% of GDP, see Enoch Godongwana. “Keynote address by Minister of Finance, Enoch Godongwana, at the GEPF annual leadership conference”. 15 September 2022. Available at: http://www.treasury.gov.za/comm_media/speeches/2022/2022091501%20SPEECH%20BY%20MINISTER%20E NOCH%20GODONGWANA%20AT%20THE%20ANNUAL%20GEPF%20CONFERENCE%202022.pdf 20 Alberto Alesina, Carlo Favero and Francesco Giavazzi. Austerity. Princeton University Press: Princeton, New Jersey. 2019. 21 Christopher Loewald, David Faulkner and Konstantin Makrelov.
Fiscal consolidation, combined with lower commodity prices, has also led to a lower current account deficit. Inflation is also clearly down since the days of double-digit CPI inflation not so long ago. The RBI’s inflation-focused monetary framework will be strengthened by the constitution of the monetary policy committee mooted in the Finance Bill.