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- PMO is seeking inputs from govt economists to reassess both the fiscal and monetary policy issues.
- There has been a slowdown in India’s nominal GDP growth with latest estimates from the Central Statistics Office.
- The Finance Ministry’s mid-year analysis has also put the slowdown into the spotlight.
- The mid-year analysis underscored the need for “carefully reassessing” both fiscal and monetary policy stances.
- The reason due to which the slowdown in the nominal GDP growth is more pronounced is the decline in the GDP deflator.
- The PMO’s move to gain insight into the state of the economy is expected to lead to corrective changes.