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LATEST NEWS UPDATES | India’s descent into stepwells of growth -Kaushik Basu

India’s descent into stepwells of growth -Kaushik Basu

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published Published on Aug 28, 2020   modified Modified on Aug 28, 2020

-Livemint.com

* Poor handling of the pandemic threatens to derail our competitive advantage in the global economy

* India’s economy is well-positioned in IT and outsourcing; health and pharma; and higher education and research, which are sectors expected to be leading drivers of global growth

NEW YORK: India’s economy is in a downward spiral. The Economist Intelligence Unit just lowered the forecast for India’s growth in the coming year from -5.8% to -8.5%. This is not out of line with what other forecasters are predicting. India’s own credit rating agency, Icra, predicts a growth of -9.5%. For the first quarter of 2020-21, the State Bank of India is predicting a growth of -16.5%.

The low growth in 2020-21 is not in itself surprising. Thanks to covid-19, the whole world is slowing down. But there are two reasons for concern.

First, India is not just slowing down, it is dropping rank in all global charts. Consider the 42 major economies in the world for which The Economist provides data every week. Till six or seven years ago India was, for several years, among the three or four fastest-growing economies. For 2020, it has dropped to 35th among the 42 nations.

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Livemint.com, 28 August, 2020, https://www.livemint.com/news/india/india-s-descent-into-stepwells-of-growth-11598537915733.html


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