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LATEST NEWS UPDATES | Could the single engine driving India crash? Yes, if you go by one of Modi's top guys

Could the single engine driving India crash? Yes, if you go by one of Modi's top guys

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published Published on May 13, 2019   modified Modified on May 13, 2019
-The Economic Times

At a time when the shadow of a slowdown lengthens but the government steadfastly downplays any such concern, here comes a cracker of an observation from one of India's most celebrated economists who also happens to be a vital cog in Modi's policy team.

In an interview to NDTV, Rathin Roy, member of the Prime Minister's Economic Advisory Council (PMEAC) and Director of National Institute of Public Finance & Policy, said that India could be headed towards a structural crisis.

In view of the coming crisis, India could soon get ensnared in the middle-income trap, eventually becoming like Brazil or South Africa, the top economist warned.

"In the history of the world, countries have avoided the middle income trap, but no country — once caught in it — has ever been able to get out," he said.

The shadow of a slowdown


An ET Intelligence Group survey had found a few days ago that India's consumption story was seriously misfiring — with many sectors like auto, FMCG and air travel, among others, wallowing in multi-quarter lows.

Decreasing money supply, rising uncertainty, and a plunge in income growth in both rural and urban India were forcing people to cut down on spending, the study had discovered.

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The Economic Times, 9 May, 2019, https://economictimes.indiatimes.com/news/economy/policy/could-the-single-engine-driving-india-crash-yes-if-you-go-by-one-of-modis-top-guys/articleshow/69247983.cms


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