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LATEST NEWS UPDATES | Economy sliding into serious stagnation but Modi & Co are clueless - Prabhat Patnaik

Economy sliding into serious stagnation but Modi & Co are clueless - Prabhat Patnaik

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published Published on Mar 6, 2020   modified Modified on Mar 7, 2020

-Newsclick.in

Reviving the economy requires, apart from social peace, a powerful fiscal intervention going well beyond what neo-liberalism allows.

Changes in estimation methods have of late made statistics on the Indian economy increasingly bewildering; besides, whenever the statistics show the performance of the economy in a poor light, the Bharatiya Janata Party (BJP) government simply suppresses them. Nothing, however, can suppress the fact that the Indian economy is sliding into a serious state of stagnation.

The third quarter (October-December) GDP (gross domestic product) estimates which have just been released show a 4.7% growth over the corresponding quarter last year, which comes on the heels of a 4.5% growth in the second quarter. The National Statistical Office (NSO) now believes that the growth rate for the fiscal year 2019-20 will be no more than 5%. Various financial agencies put the figure even lower.

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Newsclick.in, 6 March, 2020, https://www.newsclick.in/Economy-Sliding-into-Serious-Stagnation-Modi-Co-Clueless?fbclid=IwAR0P7KG9cAQsfNZr4Hpx_nJbL_k2IBmfXDbjMjTnMozYC3-_b23BUnGtY3Y


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