'Indian economy may contract 25 per cent in current fiscal'
NEW DELHI: The Indian economy is not recovering as fast as the go nment cms and the country's economy may contract 25 per cent in the current financial year, ned economist Arun Kumar said on Sunday.
Kumar further said that due to a big decline in the GDP during the current financial year, the budget estimates have gone completely out of gear and, therefore, there is a need to correct the Budget.
"India's economic growth is not recovering as fast as the go nment is showing because the unorganised sector has not started recovering and some major components of the services sector have not recovered.
"My analysis shows that the rate of growth will be (-)25 per cent in the current financial year because during lockdown (during April-May), only essential production was taking place and even in agriculture, there was no growth," he told PTI in an interview.
The Reserve Bank of India (RBI) has projected the Indian economy to contract 7.5 per cent in the current financial year, while the National Statistical Office (NSO) estimates a contraction of 7.7 per cent.
Also, according to the NSO, the Indian economy contracted by 23.9 per cent during the April-June 2020 quarter and recovered faster than expected in the July-September 2020 quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5 per cent.
This so-called economist is a former professor from JNU - Jihadi Nurturing University
What else one should expext from Arun Kumar, A JNU professor? According to him, IMF, Goldman sachs, Moody, and RBI are fools and he is the only economist.
Please don't speak truth, it will hurt saffron brigade
SUCH announcements should be made with due caution. The news of contraction will please the punters no end and send the stock market SOARING.
Already India is one of the poorest countries. Now economy is also contracting. Jobs are scarce. What should we do? Life is becoming miserable day by day here.
Leftist economist. always ag inst Good. India is doing best Mr. writer
Thanks god Modi is PM then it is just 25% - if Congress govt was in power it would have been 2500 % decline ( Andhbhakti Argument )
this go nment and its brainless bakhts have screwed our country big time . It will take atleast a decade to remover from this loss and get momentum back on track .
It is the Modi effect.
morons. contraction will be between 5-10% only.
Will it decrease to 30%?
India is the worst performing major economy thanks to Modinomics.
We can wait but no investments from . We will get there eventually
Govt must speak truth, people must speak truth but corrupt parties speaks lie
during such a critical period economists should not give such passimistic. view
poor guy knows nothing and he is talking out of hatred only... talking nonsense
who the f youbare you mean to say all the international organization survey and rbi is wrong?