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A Policy Framework for Economic Resilience During Growth Slowdowns in India

Author(s) Priyanka Kumari Jangra
Country India
Abstract India has experienced several notable growth slowdowns over the past three decades following the 1991 balance of payments crisis, during the global financial crisis of 2008-09, in the period between 2016-2019 marked by structural disruptions, and during the COVID-19 pandemic of 2020-21. Each episode exposed structural vulnerabilities in the economy and tested the adequacy of existing policy responses. While India has historically managed to recover from these downturns, the recoveries have been uneven, the policy responses largely reactive, and the distributional impacts often regressive. There exists, therefore, a compelling need for a proactive, institutionalized policy framework that enables India to manage growth slowdowns systematically rather than episodically.
This paper proposes a comprehensive policy framework for economic resilience during growth slowdowns in India. The framework is built on five pillars: (1) counter-cyclical fiscal policy with pre-committed automatic stabilisers; (2) coordinated monetary policy with enhanced transmission mechanisms; (3) a structural reform agenda timed to leverage the opportunity window created by slowdowns; (4) targeted social protection and demand-side support; and (5) external sector management and capital flow stabilisation. Drawing on comparative international experience from countries such as South Korea, Brazil, Chile, and the European Union, and anchoring the analysis in India-specific institutional constraints, the paper argues that resilience must be built into the policy architecture rather than improvised during crises. Specific recommendations are made for fiscal rule reforms, the creation of a Countercyclical Reserve Fund, reform of the monetary policy transmission chain, and the institutionalisation of a Growth Resilience Council at the national level.
Keywords Economic Resilience, Growth Slowdown, Counter-cyclical Policy, Fiscal Stabilisers, Monetary Policy, India, Structural Reforms, Social Protection, Capital Flows, Macroeconomic Policy Framework.
Field Mathematics > Economy / Commerce
Published In Volume 7, Issue 3, March 2026
Published On 2026-03-20
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IJLRP's Crossref DOI prefix is
10.70528/IJLRP

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