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GDP to contract 10.8% without more fiscal stimulus, says Pronab Sen

In an interview, Pronab Sen tells Business Standard that the resource crunch of the Centre is over-stated and it should now come out with more stimulus to spur the economy

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Coronavirus | India GDP growth | Lockdown

Indivjal Dhasmana  |  New Delhi 



GDP is a measure of income, not of output: Pronab Sen
Pronab Sen further said he is projecting a contraction in first three quarters in FY21 | File Photo

Against the backdrop of the dismal gross domestic product (GDP) numbers for the fourth quarter and the entire 2019-20, former chief statistician Pronab Sen tells Indivjal Dhasmana that the Centre’s resource crunch is over-stated. He said part monetisation of the fiscal deficit is inevitable. Edited excerpts:

GDP growth slowed to an 11-year low in FY20. What is your projection for FY21?

Assuming, and this is a core assumption, that the fiscal stimulus announced by Finance Minister Nirmala Sitharaman in two tranches totalling Rs 2.1 trillion is spent in the current year and no further fiscal stimulus is announced, then I am looking at a GDP contraction of 10.8 per cent this fiscal year.

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First Published: Fri, May 29 2020. 23:20 IST

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