The growth rate continues to decline these days. The state of the economy is getting weaker. We are lagging far behind the expected growth rate. Economists of the country are worried about such a situation. Eminent economist Dr. Kaushik Basu, who was the Economic Advisor to the Government of India, said that the rate of economic growth in India has not declined.
There is lack of purchasing power i.e. money reaching the rural areas of India, this should not happen. He said that in the year 2019, the rate of economic growth across India has reached 4.5 percent. In the first year 2016 it increased to about 7 percent.
Indian Economic Association’s 102nd Conference
Dr. Basu was addressing the rest of the economists at the 102nd Annual Conference of The Indian Economic Association held at Pandit Deendayal Upadhyay Auditorium in the capital Raipur.
Dr. Basu said in a special conversation that the country’s physicalin is very tight. The central and state governments should work in coordination in the field of agriculture. On the question asked in Pattarnax of Chhattisgarh, he said that people are being worked for purchasing power here, but it is necessary to be in coordination with the central government.
Dr. Kaushik Basu is an Indian economist and lives in the US. He served as the Chief Economist in the Government of India during the UPA Government in 2009–12. He was then elected as the Chief Economist of the World Bank from 2012 to 2016. Basu was awarded the Padma Bhushan in the field of literature and education by the Government of India in the year 2008.
India did not get the benefit of trade war between China and America
India is also not benefiting from the trade war going on between China and America. However, due to the depreciation of the rupee and the ongoing trade war between China and the US, the Indian economy should have the obvious benefit.