Economy on the mend; India on right track despite delay in reforms: Jitendra Arora, ICICI Pru

In a chat with ET Now, Jitendra Arora, Executive VP – Investments (Debt)- ICICI Prudential Life Insurance, shares his macroeconomic outlook. Excerpts:

ET Now: What is your reading of the current state of the economy? Do you believe that we are on the mend, or do you think it is still some time away?

Jitendra Arora: I would personally believe that we are on the mend. Though big-bang reforms like the land bill are still in limbo, many smaller things are happening which have improved the ease of doing business.

The government has done everything that it can do on its own — things that don't need an act or law to be passed.

One of the biggest examples of this is Modi government's success in inflation management. Despite last year's average agricultural output, it is obvious that inflation has behaved pretty well so far this year.

At the same time, the government has capitalised on every available opportunity to push growth. It is evident in the raised infrastructure spending. We can see that a significant amount of public expenditure is already happening. Among other things, this had led to easing of liquidity in the markets.