The report said continuing slowdown has "raised the spectre of whether slowdown is temporary or not" but stopped short of answering the question.
The note comes days after BJP president Amit Shah attributed the slowdown -- GDP growth slid for the sixth quarter in a row to hit a three-year low at 5.7 per cent in
the June quarter-- to "technical reasons" without elaborating on the same. Shah had said growth had gone up to 7.1 per cent after falling to 4.7 per cent in FY14 when the UPA was in power.
The report advocated upping of spends by the government as a solution to the problem at hand. "Need of the hour is to spend to grow more," it said. "We believe the government should consciously expand spending and fiscal deficit, without disturbing the borrowing maths," the report said.
It can be noted that in the past, such moves by the government were termed as "fiscal profligacy" by rating agencies, which had also threatened to downgrade the country's rating to junk if the Centre continued with such policies.
The report admitted that after the 2008 global credit crisis, there was a surge in spending, but was unequivocal in not paying much heed to the rating agencies.
"Let's not chase the rating upgrade mirage. India has had a solitary net rating upgrade in the last 25 years. The economy is in urgent need of a fiscal push now to shore up growth," the report said.
Elaborating on how to keep the net borrowings in check, like the way the government has done in the current fiscal at Rs 3.4 trillion, it recommended the government to do more buybacks and switches in G-secs.
It also called for exploring the short-term borrowing route more, saying " short term borrowings could be increased from the current levels, as movements in short-term rates depend crucially on liquidity."
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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