rupee became one of the worst
performing currencies as plunged to its life-time low of 68-level. Already recognising that projected growth trajectory would be insufficient to meet the growing demands for jobs and employment, India in February vowed to increase the growth
level by 0.5 per cent per year to add around USD 2 trillion to global GDP by 2018, Mayayam said.
"However, this not only calls for dealing with old and new downside risks but also ambitious, proactive policies having both cyclical and structural components," he said. "While an optimum mix of fiscal and monetary policy is required to meet the cyclical gaps in the short run, sustainable growth in medium and long run calls for structural policy measures.
As for fiscal policy coordination, countries going for fiscal consolidation should be mindful of the pace and the impact these policies can have on global growth, demand and balances," he said.