Given the uncertainties, both in the domestic and external fronts, one cannot be sure whether growth slowdown has bottomed out. Gradual recovery will be aided by the concerted efforts made by the Government for fiscal consolidation and boosting private investments. There are number of nascent signs of revival of growth which are likely to be supported by expected normal monsoon.
5  Let us note that the current accommodative monetary policy and its effectiveness should not be used as an excuse to delay necessary structural reforms. 6  “Structural Perspectives on European Employment: The Role of Innovation and Growth”, Sir Christopher Pissarides, Professor, London School of Economics and University of Cyprus, Paper presented at the ECB Forum on Central Banking, Sintra, 22 May 2015.