The Indian economy is “doing very badly” and the government also recognising that there is a problem.
Nobel Economics Prize winner Indian-American Abhijit Banerjee observe that the Indian economy is “doing very badly” even as the government is recognising.
Mr Banerjee said, “the fact that we see in that between 2014-15 and 2017-18 the national sample survey numbers has slightly gone down. And that’s the first time such a thing has happened in many many years so that’s a very glaring warning sign.”
“There is enormous fight going on in India about which data is right and the government has a particular view of (that) all data that is inconvenient to it is wrong. But nonetheless, I think that this is something that I think even the government is increasingly recognising that there is a problem. So the economy slowing very very fast. How fast we don’t know, there is this dispute about data but I think fast,” he said.
Mr Banerjee added that he does not know exactly what to do. “The government has a large deficit but right now it’s sort of at least aiming to please everybody by pretending to hold to some budgetary targets and monetary targets,” he said.
