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LATEST NEWS UPDATES | Fall in GDP alarming: Raghuram Rajan

Fall in GDP alarming: Raghuram Rajan

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published Published on Sep 7, 2020   modified Modified on Sep 8, 2020

-PTI/ The Hindu Business Line

Time for bureaucracy to take meaningful action, says former RBI governor

Terming the 23.9 per cent fall in economic growth in June quarter alarming, former Reserve Bank Governor Raghuram Rajan has said bureaucracy should come out of complacency and take meaningful action. The current crisis requires a more thoughtful and active government, he said, adding unfortunately, after an initial burst of activity, it seems to have retreated into a shell.

“The sharp decline in economic growth should alarm us all. The 23.9 per cent contraction in India (and the numbers will probably be worse when we get estimates of the damage in the informal sector) compares with a drop of 12.4 per cent in Italy and 9.5 per cent in the United States, two of the most COVID-19-affected advanced countries,”Rajan wrote in a post on his LinkedIn page.

He further said the bureaucracy needs to be frightened out of their complacency and into meaningful activity. If there is a silver lining in the awful GDP numbers, hopefully it is that”.

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PTI/ The Hindu Business Line, 7 September, 2020, https://www.thehindubusinessline.com/news/national/fall-in-gdp-alarming-says-raghuram-rajan/article32542009.ece


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