|| Simple Solution To Spur Private Investment ||
Noted economist and former Reserve Bank of India governor Raghuram Rajan has expressed serious concern over Indias historic GDP fall in the first quarter of 2020-21.
Rajan said the -23.9 per cent GDP recorded in the first quarter of the year is alarming for the country and added that economic growth may further worsen after revised GDP data accounts for losses in the informal sector.
The 57-year-old economist opined in an article that Indias GDP fall is far worse in comparison to other economies that have been severely affected by the coronavirus pandemic.
GOVT-PROVIDED RELIEF ESSENTIAL
Raghuram Rajan said the ongoing pandemic-induced economic crisis is likely to worsen in India as it has taken a toll on discretionary spending. He explained that spending by Indians is likely to remain low till the pandemic is contained.
Rajan said that government-provided relief measures are essential for helping the Indian economy stabilise.
He went on to say that government-provided relief, which included free food grains to poor households and credit-guarantees to banks for loans to MSMEs, has been meagre.
The former RBI governor said the government needs to change its approach and added that it should not be reluctant to announce more fiscal measures. He said the strategy of conserving resources for a possible fiscal stimulus in future is self-defeating.
https://www.indiatoday.in/business/story/no-gain-for-india-in-holding-back-stimulus-measures-for-future-raghuram-rajan-1719309-2020-09-07#:~:text=In%20fact%2C%20Rajan%20suggested%20that,job%2Dcreating%20sectors%20like%20infrastructure.
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|| Simple Solution To Spur Private Investment || Noted economist and former Reserve Bank of India governor Raghuram Rajan has expressed serious concern over Indias historic GDP fall in the first quarter of 2020-21. Rajan said the -23.9 per cent GDP recorded in the first quarter of the year is alarming for the country and added that economic growth may further worsen after revised GDP data accounts for losses in the informal sector. The 57-year-old economist opined in an article that Indias GDP fall is far worse in comparison to other economies that have been severely affected by the coronavirus pandemic. GOVT-PROVIDED RELIEF ESSENTIAL Raghuram Rajan said the ongoing pandemic-induced economic crisis is likely to worsen in India as it has taken a toll on discretionary spending. He explained that spending by Indians is likely to remain low till the pandemic is contained. Rajan said that government-provided relief measures are essential for helping the Indian economy stabilise. He went on to say that government-provided relief, which included free food grains to poor households and credit-guarantees to banks for loans to MSMEs, has been meagre. The former RBI governor said the government needs to change its approach and added that it should not be reluctant to announce more fiscal measures. He said the strategy of conserving resources for a possible fiscal stimulus in future is self-defeating. https://www.indiatoday.in/business/story/no-gain-for-india-in-holding-back-stimulus-measures-for-future-raghuram-rajan-1719309-2020-09-07#:~:text=In%20fact%2C%20Rajan%20suggested%20that,job%2Dcreating%20sectors%20like%20infrastructure.
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